Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system through a UPI transaction facility.
“The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments,” it said in a statement.
Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the lender’s presence in the UPI merchant business segment.
Cloud-native UPI processing platform
The private sector lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. It is hosting its UPI processing platform on AWS.
“With AWS, the bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand,” it further said.
Yes Bank is one of the market leaders in UPI payments. In fiscal 2020-21, it recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business.