October 17, 2016 -
The device will allow for biometric authentication through iris scanning, and has multiple functionalities, including: cash deposits and withdrawals, purchase transactions, transfer of fund, balance enquiries, e-KYC verification for account opening and e-signatures for account opening.
By introducing this system, YES BANK becomes the first financial institution in India to implement such an integrated solution aimed at millions of small and medium businesses to not only process their billing and accept payments, but also be equipped to disburse small loans through completely electronic means, at any time, to participating merchants.
Speaking at the product’s launch, Ritesh Pai, Senior President & Country Head of Digital Banking at YES BANK, said: “We has always leveraged technology and innovation as mission critical pillars to offer superior banking experience to its customers. We are pleased to partner with Lastmile.mobi and use Qualcomm Snapdragon processors to launch this solution which brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions. This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”
The integrated solution uses Qualcomm Snapdragon processors for their advanced connectivity capabilities. By using the processing and security features integrated in Snapdragon processors, the device is designed to be able to provision the entire POS over the air, meeting stringent PCI PIN regulations.
“We are committed to continue pushing the envelope on India-specific innovations and technologies, such as biometrics using Aadhaar authentication for G2C and B2C services, which foster financial inclusion,” said Jim Cathey, a Senior Vice President and President, Asia Pacific and India at Qualcomm. “Support for local language and other technologies focused on India will help bring next-generation, cost-effective solutions to Indian customers in all tiers.”
YES BANK is India’s fifth largest private sector bank with a pan India presence across all 29 states and seven union territories of India. The financial institution was founded by Rana Kapoor in 2004.