Private sector lender Yes Bank said that it has partnered UltraCash Technologies to launch payments processing through sound waves. UltraCash utilises a patent-pending technology, through which payment data is securely transferred from one device to the other using unique ultra high frequency sound waves.
"This partnership will enable Ultracash to issue Yes Bank sponsored mobile wallets and employ Yes Bank's immediate payment service (IMPS) payments platform to enable processing of instant proximity transactions," Yes Bank said in a statement. The innovative technology ensures that UltraCash's 'Tap and Pay' works on all devices and doesn't need any special hardware to make the payment. There is no need of special near field communication (NFC) chips.
UltraCash's sound wave technology enables mobile payments to be done without the need for internet connectivity using any of the options such as bank account and cards. Besides, UltraCash will now be issuing Yes Bank branded digital wallets to the consumers to aid quicker, seamless and friction-free payments.
"With this collaboration, we are expecting to change the way merchant payments are done across the country and lead the proliferation of the digital and mobile payments to the 25 million small scale retailers," Senior President and Country Head Digital Banking, Yes Bank, Ritesh Pai said. UltraCash has more than 60,000 active app users who have done more than 1.2 lakh transactions amounting to about Rs 10 crore in transaction value.
"UltraCash is committed to working towards moving India to a less-cash economy using technology and innovation. Our vision is to empower every merchant in this country to accept digital payment seamlessly without any hardware dependence and allow every consumer to pay in a simple and secure manner using her mobile phone from the payment instrument of her choice," UltraCash co-founder Vishal Lal said.