The partnership will give global merchants easier access to India’s 350 million consumers, the second-largest online shopping market in the world, which will be responsible for adding the majority of people to the consumer class in 2024.
● YES BANK and EBANX streamline cross-border transactions for global merchants, to offer compliant payment solutions tailored for the Indian market.
● The collaboration aims to drive digital inclusion and foster global trade.
Chandigarh, May 07, 2024: YES BANK, a leading private sector bank in India, and EBANX, a global fintech company specialised in payment solutions for emerging markets, announced today a strategic partnership for payment processing in India, for the global digital economy. This collaboration represents a significant milestone in the digital payments landscape, aimed at streamlining cross-border payment processing and enhancing global commerce opportunities for global merchants and Indian customers in India.
This partnership will leverage EBANX’s extensive global experience and proficiency in cross-border payments alongside YES BANK’s digital prowess, to provide global merchants with seamless access to a suite of scalable payment solutions, crafted within an innovative business architecture framework and aligned with the latest regulatory guidelines.
The entire proposition is meticulously tailored to suit the unique dynamics of the Indian market, by offering a comprehensive range of local payment methods, including Unified Payments Interface (UPI), cards issued across all locally available networks, sophisticated recurring payment transactions, along with mandate management services, thereby enabling merchants to tap into one of the world’s most rapidly expanding economies and efficiently navigating its rapidly growing digital payments landscape.
Mr. Ajay Rajan, Country Head – Multinational and International Business Transaction Banking, Government Banking and Knowledge Units, YES BANK, highlighted the strategic importance of this partnership, and said, “Teaming up with EBANX perfectly aligns with our vision to offer Indian customers and global merchants a broader spectrum of digital financial services that support the rapidly expanding global digital commerce business volumes. YES BANK views this partnership as a strategic step towards unlocking the India’s payment acceptance capabilities for global merchants. By leveraging EBANX’s global expertise and advanced technological solutions, we are poised to deliver scalable payment solutions tailored for the Indian market, ultimately fostering an environment conducive to digital inclusion and global trade into India.”
Ms. Paula Bellizia, President of Global Payments, EBANX, expressed excitement about the partnership, and said, “Our partnership with YES BANK is pioneering new pathways for global businesses to seamlessly integrate and thrive within the Indian market. By combining YES BANK’s strong digital capabilities with our expertise in cross-border payments, we are set to revolutionise the way international merchants engage with Indian consumers. Instant, alternative payments have this transformational power in rising markets. Considering UPI’s path in India thus far, and the Pix phenomenon in Brazil, it is expected that UPI will also impact cross-border digital commerce for good in India.”
The partnership announcement comes at a time when EBANX is actively working to reinforce its position in India, following its expansion announcement into Asia last year. India is the second-largest online shopping market, with 350 million people. As projected by the last Beyond Borders study, the world will see 109 million people being added to the consumer class this year, and India alone will be responsible for one-third of it. And yet, cross-border payments within the digital commerce space represent only 9% of the transactions (PCMI). This strategic partnership, combining technological innovation with regulatory compliance, is poised to create a ripple effect, benefiting not just the two entities but also the wider ecosystem of merchants, consumers, and the digital economy in India and beyond. Through innovative payment solutions and a customer-centric approach, YES BANK and EBANX are poised to lead the way in transforming cross-border commerce and driving economic growth in India and beyond.
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