Money & Banking

Mastercard ban fallout: YES Bank partners with Visa for credit cards

Our Bureau Mumbai | Updated on September 20, 2021

Also completing tech integration with NPCI for Rupay branded cards

Private sector lender YES Bank on Monday announced that it has partnered with Visa to offer credit cards to its customers on the payment platform.

The private sector lender is also in the process of completing technology integration with NPCI and plans to issue Rupay branded credit cards in due course, it said in a statement on Monday.

YES Bank earlier had an exclusive tie up with Mastercard. However, its credit card issuances had been impacted after the Reserve Bank of India barred Mastercard from onboarding new customers on its domestic card network.

“With the partnership, the bank commences issuance of select credit card variants, consumer as well as commercial, on Visa’s payment network – the transition has been achieved within a record time of less than 60 days, ensuring ease for customers across segments,” YES Bank said on the tie-up with Visa.

Nine card variants

The suite consists of nine credit card variants on the Visa platform that service all segments – consumer cards, business cards, and corporate cards.

Also read: RBL Bank credit cards go live on Visa

Rajanish Prabhu, Head – Credit Cards and Merchant Acquisition, YES Bank, said, “Our partnership with Visa adds a new dimension to the bank’s sustained efforts in transforming and elevating end-to-end credit journeys for our customers. “

YES Bank is the second lender after RBL Bank to have announced a partnership with Visa in recent days.

Sujai Raina, Head – Business Development, India, Visa, said, “We are delighted to partner with YES BANK to launch an expansive suite of Visa solutions for their customers. At a time when consumers are turning to credit offerings for daily as well as discretionary spends, we are now extending an already strong relationship with the bank - across debit, digital and acceptance solutions - to a wide range of credit offerings.”

YES Bank, which has been ambitious about onboarding new customers for credit cards, has 9,99,495 credit cards outstanding by July-end.

Published on September 20, 2021

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