YES Bank SIMsePay digital banking for rural areas

In a bid to move towards cashless India and to take digital banking to rural areas, YES BANK has launched its new digital transaction service “SIMsePAY” that allows any account holder to do money transfers, disburse their utility bills and other mobile banking services. One can use this service through any mobile phone, any sim card & any mobile network. There is no need of internet connectivity to utilize this service.

The SIMsePAY service has launched as a pilot basis with the district co-operative bank in Dehradun and will take it wide across India. The SIMsePAY is based on a frugal ‘sim-sleeve’ technology, in association with Taisys Technologies, who holds global patent for this technology.

SIMsePAY Features

  1. Mobile Phone: Works with any mobile phone viz. Feature (non-smart & non-internet enabled) phones and Smartphones and with all Telecom Service Providers (TSPs).
  2. Internet: Works without Internet connectivity through encrypted SMS.
  3. Charges: No additional charges / special charges on the SMS.
  4. Working Hours: Works at any time of the day with a simple User Interface.
  5. Security: High security transactions using encrypted SMS technology.

How SIMsePAY Works

  1. Sticker: The service is a wafer-thin sticker that can be pasted on to any type of SIM card (standard, micro or nano) of any telecom service provider.
  2. Connectivity: The wafer-thin sticker installs a SIM Tool Kit (STK)-based application which can be accessed by the customer on any mobile phone without the need for Internet connectivity.
  3. Link: This SIMsePAY sticker will be linked to a Co-branded Prepaid Wallet or a Prepaid Card issued by YES BANK (which can be loaded up to INR 50,000) or the Co-operative Banks’ Account.
  4. Facility: Customers can perform various types of transactions, such as: NEFT/IMPS based fund transfers, check balances & generate mini-statements, payments to merchants for small and large value purchases, bill payments, top-ups and recharges.

Rana Kapoor, MD & CEO, YES BANK said

“YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital financial inclusion in the most efficient manner. YES BANK is committed to fully support the Government’s demonetization and digital payments initiatives. Through the launch of SIMsePAY along with Co-operative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’.”

Other Ways of Cashless Transaction

  • *99# Mobile Banking: The *99# service works without Internet & anyone can access banking services by just dialing *99#.
  • MobiKwik Lite Android App: The MobiKwik Lite is a light mobile wallet app for mobile banking in poor connectivity regions, works smoothly on 2G/EDGE internet connections.
  • State Bank Buddy: A semi-closed prepaid e-wallet of State Bank of India (SBI) that can be used to transfer money to other wallet users and bank accounts, anytime, anywhere.
  • Paytm Wallet: Free and one of the simple & securest way to do cashless transaction.
  • Airtel Payments Bank: The Airtel bank is fully digital and paperless bank and has become the India’s first payments bank to start operations and to offer basic banking services.
Megha Jain

Engg & Freelance Author

Straight forward