YES BANK collaborates with Juspay to unveil HyperUPI and Streamlining In-App UPI Payments
By siliconindia | Wednesday, 13 September 2023, 08:27 IST
YES BANK has announced a collaboration with Juspay, a payment solutions company, to unveil HyperUPI a plug-in service from NPCI that enables in-app UPI payments for merchant apps. Merchants onboarded by YES BANK can now provide a convenient one-click UPI experience to their customers using both Android and iOS smartphones, eliminating the need to switch to an external UPI-based app. Customers can now perform UPI transactions directly within the merchant app. This plug-in software development kit (SDK) is built on a reliable UPI-on-cloud infrastructure, supporting UPI payments for numerous consumer and merchant apps.
Traditionally, UPI payments involve multiple steps, which can lead to longer transaction times, causing customers to abandon the payment process midway. The UPI plug-in SDK simplifies the payment experience, reducing the transaction journey to just a single click. This streamlined process significantly improves transaction speed, achieving a success rate of over 90%. Naveen Chaluvadi, Chief Digital Officer at YES BANK, expressed excitement about the partnership with Juspay and the launch of the plug-in SDK. He emphasized their commitment to offering high payment success rates and becoming a leading UPI stack in the ecosystem.
Sheetal Lalwani, Chief Operating Officer at Juspay, shared their enthusiasm for introducing HyperUPI in collaboration with YES BANK. As UPI gains popularity among Indian customers and businesses, they aim to provide innovative solutions that simplify payments while maintaining high-security standards. HyperUPI empowers businesses to seamlessly integrate UPI into their apps, offering customers an unmatched payment experience.
HyperUPI stands out in the market due to its support for advanced features like mandates and third-party validation (TPV). It also provides merchants with a no-code platform, allowing them to create a fully customized user interface that aligns with their app’s theme and branding. HyperUPI can be easily integrated into merchant apps across various technical frameworks like React-Native, Flutter, Cordova, and more.
YES BANK has utilized the plug-in SDK infrastructure to launch YES PAY NEXT, the bank’s payment service provider (PSP) app. This app enables all users to access comprehensive UPI services, including person-to-person payments and pull payments, seamlessly. Juspay has been a key player in India’s UPI journey, pioneering the development of the UPI PSP on the cloud with an impressive uptime and transaction processing capacity. This partnership between YES BANK and Juspay introduces secure, seamless, and lightning-fast UPI payments within mobile apps, benefiting both merchants and customers.
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