YES BANK, a prominent private sector bank in India, has forged a strategic alliance with EBANX, a global fintech firm specializing in payment solutions for emerging markets. This partnership is geared towards optimizing payment processing within India for the global digital market. It marks a significant advancement in the realm of digital payments, with a focus on facilitating seamless cross-border transactions and enriching opportunities for international merchants and Indian consumers alike.
This collaboration will utilize EBANX's extensive international expertise and efficiency in cross-border payments, combined with YES BANK's digital capabilities, to offer global merchants effortless access to a range of adaptable payment solutions developed within an innovative business framework in line with current regulatory standards.
The entire proposition is meticulously tailored to suit the unique dynamics of the Indian market by offering a comprehensive range of local payment methods, including Unified Payments Interface (UPI), cards issued across all locally available networks, sophisticated recurring payment transactions, along mandate management services, thereby enabling merchants to tap into one of the world’s most rapidly expanding economies and efficiently navigating its rapidly growing digital payments landscape.
Mr. Ajay Rajan, Country Head – Multinational and International Business Transaction Banking, Government Banking and Knowledge Units, YES BANK, highlighted the strategic importance of this partnership and said, “Teaming up with EBANX perfectly aligns with our vision to offer Indian customers and global merchants a broader spectrum of digital financial services that support the rapidly expanding global digital commerce business volumes. YES BANK views this partnership as a strategic step towards unlocking India’s payment acceptance capabilities for global merchants. By leveraging EBANX’s global expertise and advanced technological solutions, we are poised to deliver scalable payment solutions tailored for the Indian market, ultimately fostering an environment conducive to digital inclusion and global trade into India”.
Ms. Paula Bellizia, President of Global Payments, EBANX, expressed excitement about the partnership and said, “Our partnership with YES BANK is pioneering new pathways for global businesses to seamlessly integrate and thrive within the Indian market. By combining YES BANK’s strong digital capabilities with our expertise in cross-border payments, we are set to revolutionize the way international merchants engage with Indian consumers. Instant, alternative payments have this transformational power in rising markets. Considering UPI’s path in India thus far and the Pix phenomenon in Brazil, it is expected that UPI will also impact cross-border digital commerce for good in India”.
The partnership announcement arrives as EBANX intensifies efforts to solidify its presence in India, following its expansion into Asia last year. India, boasting 350 million online shoppers, stands as the second-largest online shopping market. This strategic partnership, blending technological advancement with regulatory adherence, is positioned to generate a far-reaching impact, benefiting not only the two collaborating entities but also the broader network of merchants, consumers, and the digital economy within India and globally.