YES Bank launches remote payment service for merchants

Private sector lender YES Bank has launched a special service that would enable merchants to accept contactless and remote payments from their customers.

Called SMS Pay, the functionality on PoS terminals in partnership with Worldline, is aimed at shopkeepers and merchants, including local kirana stores and departmental stores, enabling them to request payments against invoices by simply entering the amount and customer contact details on their PoS machines.

An SMS would then be sent to the customer’s mobile number with a payment link, allowing them to pay securely through their domestic debit and credit cards.

“This initiative is in line with the bank’s commitment to support small and medium businesses in restarting their businesses while providing safety to their customers. SMS Pay is a step towards facilitating merchants to accept remote payments on their PoS machines, and enabling their customers to transact safely from the comfort of their homes,” YES Bank said in a statement on Thursday.