YES Bank has selected Chandigarh as the first city to introduce ‘Mobile money services by YES bank’ in association with Nokia and Obopay India.
The service would allow the customer to transfer money in a safe manner using his mobile phone. The service is called ‘Mobile money services by YES Bank, powered by Nokia’. It is a measure taken to increase financial inclusion in the unbanked parts of India.
Some months ago the bank had obtained RBI approval on the topic. It would allow consumers to transfer money to other people, pay utility bills and recharge prepaid SIM cards(top-ups) using their mobile phones.
Also, customers can pay merchants for goods and services by using their mobile devices.
Suresh Sethi, Yes Bank, Group-President-Transaction Banking Group said, “The mobile penetration in Chandigarh is about 95 per cent with Rs one lakh per capita income, so it holds tremendous potential for implementation of new and innovative technology cutting edge technology services.
This step will give consumers in the city greater ‘Anytime Anywhere’ convenience and will be major landmark on the way of financial inclusion. This service would remove reliance on the physical occurrence of a branch or availability of internet banking services and will successfully benefit from the deep access of mobile services in the region.”
Nokia will also increase its widespread retail channel of more than 52 retail and care outlets in the city.