YES Bank SIMsePAY – anyone with a phone can do Digital Banking

Not everyone got an internet-enabled smartphone and if you got one then there is no reliable access to the internet. In India out of the 900 million mobile phone users, close to 650 million are feature phones that just can do basic tasks like voice calling and SMS.

To bring those rural masses who still hold a feature phone and lack access to the internet to the ear of digital banking, YES Bank has launched SIMsePAY. A unique innovation that allows bank account holders to do all basic mobile banking services without the need for an active internet connection or a smartphone. Using these you can do an instant money transfer, check account balance, generate min-statements, pay in shops, bill payments and do recharges.

So, how SIMsePAY works? the product is a wafer-thin sticker that can be pasted on to any SIM card of any telecom operator. The sticker installs a SIM Tool Kit (STK) based application, just like the one you find from any telecom operator. The STK application can be accessed from any mobile phone (feature phone or smartphone) without the need for internet connectivity. The whole thing will be linked to a digital wallet issued by YES BANK or the users Co-operative Banks’ account.

SIMsePAY features

• Works with feature phones and smartphones.
• Works without an active internet connection.
• Relays on high-security encrypted SMS which is also free of charge (no additional charges or special charges on the SMS).
• NEFT/IMPS based money transfers.
• Check account balances and generate mini-statements.
• Payments at shops and to merchants for small and large value purchases.
• Utility bill payments and recharges, and other mobile banking services.
• Simple UI and works 24×7 365 days.

In the first phase, YES Bank will collaborate with Co-operative and Regional Rural Banks to target users who have limited access to financial services and adoption to smartphones, and internet connectivity. In the second phase, YES Bank through its 40,000 strong banking correspondents network will directly outreach to the target segment.

YES Bank has partnered with Taisys Technologies for the smart thin SIM technology. SIMsePAY has been first launched for the customers of District Co-operative Bank, Dehradun. YES Bank plans to bring the service to India in the coming months. The whole launch takes place against the backdrop of the Government’s digital payments drive and the recent demonetization of Rs 500 and Rs 1000 currency notes.