Taisys-Yes Bank to launch digital banking in states

Taisys Technologies in association with Yes Bank plans to launch digital banking services in various states, including Goa, Bihar and Arunachal Pradesh.
The service, SIMsePAY, allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smartphones or the Internet.
It has already launched this service in Dehradun on November 30. In the next 10 days, Taisys alongwith Yes Bank would launch pilots in Bihar, Arunachal Pradesh and Goa, Taisys India Managing Director Abhishek Saxena said in a statement.
Taisys, which started its India operation a year ago, has indigenously developed the banking solution in cooperation with Yes Bank.

The first phase will involve collaboration with cooperative banks that have a focussed presence in rural India.
Currently, there are 31 state cooperative banks and over 370 district central cooperative banks which have millions of customers, but most do not have mobile banking expertise and infrastructure. The customers themselves are mostly feature phone users with little or no exposure to new age digital banking products.

These customers can connect with the digital banking service in an easy to use and secure way through this offering.
The offering is based on a frugal 'sim-sleeve' technology, in association with Taisys Technologies, which holds patent for the same and has implemented the same successfully in other countries including Kenya and China

"In any small town if you were to transfer money to the neighbourhood vegetable vendor, chances are he may not accept cashless app based payment for lack of a smartphone," Taisys India Managing Director Abhishek Saxena said in a statement.
"Sim sleeve disrupts this status quo by providing a transaction application on feature phones. Now feature phones too can initiate transactions as well as can be the merchant POS," he added.
Taisys is also planning to launch SIM se Pay in Hindi and other vernacular languages which would help widen the potential user base multi-fold.
As for the future plans, Taisys, which has helped development of SIM se Pay out of its Noida office, would continue to invest and grow India operation.