YES BANK Empowered Jugnoo with UPI Payments Capability
Jugnoo, a hyperlocal startup, power-driven by its vast auto-rickshaw network across 40 cities in India, announces the integration of UPI payments in its app. The company recently launched UPI enabled payment solution Jugnoo Pay in association with YES BANK that currently allows Peer to Peer money transfer directly using users’ respective bank accounts with their mobile number as an identifier.
NEW DELHI: Reiterating its future growth plans, Chinmay Agarwal, Co-founder and CTO Jugnoo commented, “We want to enable easier digital payment options for our users. Currently 41% of our users use digital payments via different wallet platforms. With the addition of UPI, we expect another 10-15% addition in these numbers as a lot of users are skeptical about using wallets at present. With the new app update, people can easily enable UPI payments from app for meals and grocery purchases. Fund transfers will happen directly from their bank accounts by just typing UPI Payment Address and the process will be nearly as frictionless as it is with digital wallets.”
“We expect to enable UPI payments for auto-rickshaw hailing as well in future when support on the platform to do such payments seamlessly via Pre-Authorised Transactions feature will be active.” he added.
Commenting on the collaboration Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK said, “YES BANK has been a pioneer in furthering the UPI ecosystem in our country with an aim to support the Government’s vision of a less-cash economy and have partnered with over 50 companies. We are glad to partner with Jugnoo to enable UPI on their app and provide customers with a seamless option for their digital payments needs. ”
YES BANK’s Software Kit (SDK) has been integrated with the Jugnoo App and will enable Jugnoo’s consumers to make payments seamlessly within the Jugnoo App. The SDK has the NPCI libraries embedded which allows Jugnoo’s consumers to register and create Virtual Payment Addresses (VPAs) and make payments to Jugnoo for various services through their account with ANY UPI participating bank.