Yes Bank launches SIMsePAY in Aruchal Pradesh

Itagar, Dec 7: YES BANK has launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet in Itagar. The offering is based on a frugal “sim-sleeve” technology, in association with Taisys Technologies.

YES BANK has launched the services with The Aruchal Cooperative Apex Bank Ltd,  Itagar.

The event saw high level participation from dignitaries including Tamiyo Taga, Hon’ble Minister for Cooperation, Industry, Textile & Handloom (Chief Guest); Oint Paniyang (IAS), Secretary – Cooperation and S. Satyarayan, GM, BARD.

SIMsePAY will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet(close to 650 million feature phones).

YES BANK plans to garner a base of 500,000 SIMsePAY users by 2017.

Elaborating on the initiative, Mr. Ra Kapoor, MD & CEO, YES BANK said, “YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital fincial inclusion in the most efficient manner. Since Co-operative and Regiol Rural Banks do not have mobile banking licenses, the SIMsePAY solution will eble them to reach out to a wider range of their target audience as well. This was stated in a press release.