Facilitates contactless payments, eliminating the need for handling cash for collections of fees and associated campus expenses
Bengaluru, NFAPost: YES BANK has empowered eight leading educational campuses with cashless payment solutions by enabling digitization across India. In the wake of COVID-19 pandemic, the Bank has successfully partnered and helped the institutions achieve their vision of going cashless, while enabling payment of fees and other campus expenses through secure digital solutions.
The innovative solutions have helped in reducing the turnaround time for transaction processing and are in-line with Bank’s strategy of building a transformed ‘Digital Bank’. The Bank aims to provide convenient and seamless payment experience through a mix of solutions including offline UPI (Unified Payments Interface) having VPA (Virtual Payment Address), QR Code based payments (Scan-and-Pay), dynamic VPA based collections and Payment Gateway options.
The Bank has fully equipped the following campuses with technology and created an eco-system to go 100% cashless.
- Emmanuel English Higher Secondary School – Silchar, Assam
- New Oxford School – Silchar, Assam
- Shri Ram Centennial School – Agra
- Uttam Institute of Management Studies – Agra
- G. D. Goenka Public School – Agra
- Mussoorie International School – Mussoorie
- Whistling Woods International – Mumbai
- Silver Bells English Medium School – Nashik
Benefits of the solution:
- Payments and transactions can be done round-the-clock basis the convenience of the individual, from the safety and comfort of their homes through any UPI App
- Eliminates the use of cash for collections of fees, especially during the COVID-19 situation
- Seamless VPA/QR code-based transaction without the need to integrate with any payment system
- Cost effective for institutions, as the transaction cost is nil and cash handling charges are eliminated
- Fully secure, as it eliminates the need to enter bank details or any other sensitive information like Account Number or Debit Card details for every transaction
- Dashboard provided to the institutions for reconciliation of various MIS, transaction updates and reports
Speaking on the development, Ritesh Pai, Chief Digital Officer, YES BANK, said, “YES BANK is privileged to help the institutions in the journey of transforming their campuses into a truly cashless ecosystem. Digitizing educational institutions will encourage students to adopt digital payments in their formative years and gradually transform India into a digitally empowered society. The solutions are a step towards revolutionizing the payments infrastructure across education campuses in India. We look forward to collaborating with other institutions for many more similar innovative digital initiatives.”