YPaycash, an innovative mobile wallet, was launched in the city today by Y-Cash Software Solutions and Karur Vysya Bank.
YPaycash, a prepaid mobile wallet, supported various kinds of payments including payments at retail shops, mobile/DTH recharge and fund transfer, Ravi Jagannathan, Vice-Chairman, Y-Cash Software Solution, told reporters here.
The company’s target was to enroll small and mid-sized merchants who typically did not use credit/debit car payment system, he said.
Already launched in Chennai some three months ago, the platform had received tremendous response and over 4,000 retail merchants had already signed up, M Sathish Kumar, vice-president, Business and Operations, Mobile payment, said.
This has twin benefits of lower cost and ease of use and the partnership with Karur Vysya Bank has strengthened the company’s reach to the market, which helped position YPaycash as the non-cash instrument of choice for retailers in Tamil Nadu, he said.
The platform would be launched across the cities and town in Tamil Nadu soon and across the country in another three years, Jagannathan said.