Private sector lender, Yes Bank has announced its partnership with NPCI (National Payments Corporation of India) to launch its credit cards on the NPCI owned RuPay payment network. As an initial offering, the bank has launched its Prosperity Rewards Plus Credit Card for the Yes Prosperity customers on the RuPay platform.
Yes Bank – NPCI Partnership
This strategic partnership between Yes Bank and NPCI was announced at the Digital Payment Utsav organized by MeitY (Ministry of Electronics and Information Technology) held this Sunday (5th December 2021) in New Delhi. The announcement was made in the presence of Ashwini Vaishnaw, Minister of Railways and MeitY (Ministry of Electronics and Information Technology), and Rajeev Chandrashekhar, Minister of State, MeitY.
Yes Bank’s Credit Cards and Merchant Acquisition Head Rajnish Prabhu said that the Yes Bank credit cards launched on RuPay platform will offer a range of benefits and compliment the lifestyle requirements of the customers. He further added that the partnership was in alignment with the bank’s ongoing efforts to expand and diversify its credit card offerings ensuring that their customers’ payment journeys are contactless, enjoyable and more rewarding.
NPCI COO, Praveen Rai commenting on the partnership said that RuyPay is gaining momentum in the credit card space and this partnership with Yes Bank is a step forward to take RuPay credit cards to a varied customer base of the country and make it a household product.
Earlier, Yes Bank had an exclusive partnership with MasterCard and therefore Yes Bank credit cards were offered exclusively on the MasterCard payment network. The bank’s credit card business was affected as a result of the RBI imposed embargo on MasterCard that restricted them from onboarding new customers. Like many other card issuers, Yes Bank also joined hands with Visa in September to offer credit cards on their network. Now, Yes Bank has also tied up with India’s home-grown RuPay platform. It will be interesting to see how fruitful this partnership turns out to be, for the bank and for the customers.