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Yes Bank has partnered with e-commerce player Snapdeal and FreeCharge to facilitate mobile and online transactions in an easy and secure payment ecosystem.
It will transform mobile and web transactions by facilitating easy and secure payments and be available for users across FreeCharge and Snapdeal’s e-commerce and m-commerce platforms which currently process a combined GMV (gross merchandise value) of $4 billion, Yes Bank said in a statement.
With Snapdeal, Yes bank also enabled ‘instant refunds’ for its customers processing up to 85 per cent of its refunds within 30 minutes and close to 100 per cent within an hour via IMPS and NEFT platforms.
The mid-sized lender will power the FreeCharge Digital Wallet, launched by FreeCharge, the digital platform for recharge and utility payments. This will be a co-branded semi closed loop pre-paid wallet.
“The wallet has been built by FreeCharge and Yes Bank on the pillars of cutting edge technology and state-of-the-art payments systems. With an ecosystem of 8.2 million daily unique users and 4 million monthly engaged users, the wallet is set to become India’s most used wallet in the next 6 months,” the statement added.
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