Yes Bank goes biometric for payments
Yes Bank, India’s fifth largest in the private sector, has partnered with Lastmile.mobi to introduce the IRIS EMV POS solution.
The device allows biometric authentication through iris scanning, and can act as a POS terminal as well as an ATM. Lastmile.mobi provides a cloud-based platform accessible by a biometric enabled mobile device. The solution integrates with cards and UPI (Unified Payments Interface) payments, Aadhaar E-KYC [Know Your Customer] and Aadhaar E-signing on a ready to use basis.
UPI was launched in April by the National Payments Corporation of India – with Yes Bank being one of the 21 banks going live. Aadhaar is a 12-digit unique identity number issued to each resident by the Unique Identification Authority of India (UIDAI), a central government agency. Its goal is to collect the biometric and demographic data of residents, and store them in a centralised database.
Ritesh Pai, senior president and country head, digital banking, Yes Bank, says the device has “multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants”.
Yes to teamwork
Good things for Yes Bank come in threes.
It teamed with payments firm PhonePe to launch India’s “first” UPI-based mobile payments app; it deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its customers; and it partnered with Ultracash Technologies to launch payments processing through sound waves.