YES BANK, India’s fifth largest private sector bank, has partnered with Click&pay, T-Hub’s portfolio company and a mobile-based payment solutions enterprise, to facilitate cashless, secure and flexible transactions for customers. As a part of this alliance, Click&pay will issue YES BANK sponsored mobile wallets and employ YES BANK’s immediate payment service (IMPS) payments platform which will help Click&pay to process instant proximity transactions with merchants and person to person.
In April 2016, YES BANK signed a Memorandum of Understanding (MoU) with T-Hub, a unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.
YES BANK’s partnership with Click&pay is a step forward in creating a conducive business environment and support system for a large number of FinTech start-ups, as a part of the Bank’s agreement with T-Hub.
Click&pay will reach out to approximately 1 Mn users this year by issuing the YES BANK sponsored mobile wallet. The target customer base will fall in the age group of 18-40 years, spread across Tier 1 and 2 cities in India. This partnership will allow Click&pay to also strengthen its merchant base, currently the company has on boarded close to 750 merchants in various sectors like food and beverage, clothing, fitness and lifestyle in Hyderabad as a part of first city expansion plan. In course of time it will expand in other major cities and other sectors like hotels and resorts, shopping malls and educational institutions.
Excited about the collaboration, Sai Sandeep. S, Co-Founder, Click&pay says, “India is leapfrogging towards being a cashless economy and the emerging markets are paving the way for this change. There is a huge opportunity to leverage digital channels including mobile phones to improve the lives of customers. However, the trust they have on the Indian Banking system in the past few decades, still remains unmatched. With this partnership, we are bringing the cutting edge online payments technology and a bouquet of conventional banking services together for one of its kind in the history of Digital payments. Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&pay. We have on-boarded around 750 merchants in Hyderabad. This is a kind of news customers will be seeing more and more, as we continue to differentiate Click&pay in a crowded market place.”
Commenting on the tie-up, Jay Krishnan, CEO, T-Hub, said, “T- Hub’s goal of creating a rock star startup ecosystem in Hyderabad starts with identifying rock star startups in the hottest areas currently. While we do that, our team is focused on getting the best in breed corporate partnerships. This kind of a startup DNA is what helped us crystallize a great relationship with Yes Bank. Currently, our partnership with Yes bank exceeds far beyond engagements in FinTech. T-Hub is proud of its co- working portfolio startups- like Click&pay that are making a difference and making cashless transactions a much easier task”
Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “As digital banking and payments are gradually becoming an important part of customer relationships, we are investing to build strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms. This partnership with Click&pay will allow us to play a critical role in furthering the next generation of mobile payments.”