Ever since YES Bank announced its mission to empower smart cities in India, the private bank is leaving no stones unturned to go the full mile. Adding another feather in its cap, YES Bank recently launched a co-branded prepaid RUPAY card for the residents of Puducherry Smart City in partnership with Puducherry Tourism Development Corporation (PTDC).
The prepaid card was launched by the Chief Minister of Puducherry, V Narayanasamy. Commenting on the launch the Chief Minister said, “The introduction of a prepaid card for the cashless transaction by the PTDC with a partnership with YES Bank will be the first step towards cashless transactions for every citizen of Puducherry and the Tourists visiting Puducherry.”
The card, which is propelling the digital payments landscape in the town, will be beneficial for tourists, who usually find carrying cash to be a hassle.
Some of the key highlights of the project include:
- YES Bank has digitised payments for government-to-citizen (G2C) as well as for retail services
- The solution allows both citizens and tourists traveling to Puducherry to make instant payments via an open loop prepaid card
- Card users can make day-to-day payments at PTDC authorised outlets, restaurants, historical sites, and more
- During phase one, YES Bank and PTDC plan to issue 50,000 cards and scale it up further on the basis of demand and use-case analysis
- A discount of 5-50% will be available instantly on every transaction
According to Ritesh Pai, Chief Digital Officer at YES Bank, the partnership aims to aid the Indian government’s mission to propel digital payments in the country.
He said, “We are pleased to partner with Puducherry Tourism Development Corporation to augment delivery of retail services and fast-track merchant payments through digital payment solutions to offer enhanced convenience of financial transactions to citizens of Puducherry smart city.”
During phase two of the programme, the co-branded RUPAY prepaid card will also have a mobile wallet provision for cashless electronic transfer and for making merchant payments.
The aim of a cashless Puducherry Smart City is to use a single-payment instrument for all citywide services and strengthen the digital payments landscape in the country further.
It will not only increase the speed of service and transparency but also facilitate the integration of mobility of payment systems with other services—grocery or utility payments, fees, medical expenses, and entertainment.
PTDC ascertains that the move will enable them to facilitate digital transactions in real-time, thereby, directly contributing to increased tax earnings for the Union Territory.
Retailers As The Focus for YES BANK
YES Bank is also launching a mobile app for retail merchants that will allow payments to be made through the registered mobile number of residents. Merchants can initiate a transaction for the card user through his mobile app and the transaction will get processed via an OTP sent to the card user on his registered mobile number. This app will be made available to Android users once the cards are made available at retail and government facilities.
Through this project, YES Bank aims to bring in mobility to the forefront and help Puducherry move towards digitising payments in the city as all retail payments can be channeled through this medium for both residents and visitors.
The digital payments landscape has been getting a boost from the government and startups in a big way. This initiative by YES Bank is yet another step to leap forward the digital payments landscape of Puducherry.