YES Bank launched digital banking service SIMsePAY where account holders can make money transfers, pay utility bills and offer other mobile banking services without the need for smartphones or the internet.
The private sector bank has launched the service in partnership with the District Cooperative Bank, Dehradun and plans to launch it across the nation.
This will cater to a large section of the Indian population who remain unbanked or underbanked due to lack of smartphones or internet.
Close to 650 million feature phones in use.
The bank will also involve banking correspondents to spread the services further.
About SIMsePAY- This is a wafer thin sticker pasted on SIM cards of TSPs
- It can be pasted on any SIM- standard, micro or nano.
- Sticker installs SIM Tool Kit based app which can be accessed by the customer on any mobile phone without the requirement of internet connectivity.
- Bank said the sticker would be linked to co-branded prepaid wallet or card which can be loaded to INR 50000.
- It runs through the cooperative bank account of the consumer.
Transactions performed include:
- National electronic funds transfer
- Immediate payment service based fund transfers
- Check balances
- Mini-statements
