Tamil Nadu based lender, Karur Vysya Bank and Y-Cash Software Solutions launched an innovative mobile wallet- YPaycash in Coimbatore.
YPaycash is a prepaid mobile wallet and it supports various kinds of payments including payments at retail shops, mobile recharge, DTH recharge and fund transfer, said Mr. Ravi Jagannathan, Vice-Chairman, Y-Cash Software Solution.
The company's aim was to enroll small and mid-sized merchants who typically did not use credit/debit card payment system, Mr. Jagannathan said.
The mobile wallet was already launched in Chennai three months ago and the platform received tremendous response and over 4000 retail merchants had already signed up, said Mr. M Sathish Kumar, vice-president (Business and Operations), Mobile Payment.
Partnership with Karur Vysya Bank has strengthened the company's reach to the market helping in positioning YPaycash as the non-cash instrument of choices for retailers in Tamil Nadu, said Mr. Jagannathan.
The platform would be launched across the cities and town in Tamil Nadu soon and across the country in another three years, added Mr. Jagannathan.