YES Bank launches mobile money services in Chandigarh

YES Bank, in association with Nokia and Obopay India, today launched `Mobile money services in Chandigarh, which would enable secure monetary transactions using mobile phones.

Commenting on the occasion, Suresh Sethi, group president - transaction banking group, YES Bank, said, "We are delighted to bring 'Mobile money services by YES Bank' to the citizens of Chandigarh. I believe that this service will eliminate dependence on the physical presence of a branch or availability of internet banking services, and will successfully ride on the deep penetration of mobile services in the region."

Earlier this year YES Bank had received regulatory approvals from the Reserve Bank of India (RBI) to act as the issuing bank and the custodian of funds under these services.

Built on Obopay's mobile payment platform, consumers can transfer money to other individuals, pay utility bills as well as recharge prepaid SIM cards (top-ups) using their mobile devices via a simple interface.

Subsequently, they will also be able to pay merchants for goods and services through their mobile devices using multiple channels, including SMS, IVR, WAP, JAVA and FIRE.

The services will be widely distributed using Nokia's retail channel of over 52 Retail and Care outlets in the city.