YES Bank Unlocks Full Service Digital Savings Account; Introduces Video KYC Facility

Video KYC Facility

* Now consumers can open an account digitally through e-KYC, video verification and get a virtual Debit card – digital is with you all the way

* Higher Interest Rates

YES Bank announced the launch of a full service digital Savings Account in its endeavour to bring the Bank closer to citizens while ensuring physical distancing, thereby eliminating the need for a branch visit, physical documentation or any in-person interaction, in line with the Bank’s commitment to support citizens and communities while the country starts unlocking in phases. With this launch, the Bank aims to embrace inclusivity by widening its reach to cater to a diverse customer base, especially in tier 1 and tier 2 cities, in line with the Bank’s strategy of building a transformed ‘Digital Bank’.

Offering a completely contactless and paperless account opening experience, YES Bank’s digital savings account comes with a virtual Debit Card, unlocking over 100 features on mobile through YES Mobile and web including transactions, fund transfers and online shopping using the virtual Debit Card.  All that a customer needs to do is initiate an e-KYC by clicking on the link, 

https://www.yesbank.in/personal-banking/yes-individual/savings-account/digital-savings-account, enter mobile number, Aadhaar OTP and PAN card details in the online form, followed by a video KYC.

Key features of Digital Savings account

·         Digital Account opening using Aadhaar card

·         Virtual Debit card which can be used for online transactions

·         Free NEFT, RTGS and UPI facility

·         Mobile banking, Net banking and Phone banking facilities

·         Instant beneficiary and biller registration

·         Avail offers on Debit Card and earn reward points for Digital Savings Account

·         Higher interest rate of 6% p.a*

·         Average monthly balance of INR 10,000 for savings account

·         Zero average monthly balance for Corporate salary accounts

Commenting on the launch, Rajan Pental, Global Retail Head, YES BANK, said “The world as we know it has transformed, wherein we are now adjusting to a new way of life, a new world which has brought us socially even closer while we continue to remain physically distant. The connecting factor binding us all is digital – video calls with family & friends, virtual workouts, e-learning and working from home, among others. Leveraging on YES BANK’s strong technology capabilities along with a higher interest rate, we are geared to serve customers in this new world with a digital solution that brings the Bank to them wherever they are, right at their fingertips.”

New smart card technology by 2014, says MTA

Bus and subway riders will be able to abandon the MetroCard and use debit or credit cards to ride anywhere in the city by 2014, according to the MTA.

The Metropolitan Transportation Authority for the first time set a target date for a no-swipe smart-card system to be in full use after years of studies and pilot programs.

With smart-card technology, riders simply waive or tap their credit or debit cards on readers when entering a subway station or bus.

Not having to swipe at turnstiles or dip a MetroCard into a fare box reader should speed travel and reduce MTA expenses, experts have said.

"I think it's great," Bill Henderson, executive director of the MTA's Permanent Citizens Advisory Council. "The technology is going help out the riders and the system."

The 2014 date is included in an MTA document detailing some of the major initiatives in the five-year capital plan recently approved by the authority's governing board.

If fully funded, the capital plan will allocate $220 million for a smart-card system, which also would include prepaid cards not linked to bank or credit accounts.

Agencies

80% of APAC Internet users go online to shop

The internet is proving as appealing a shopping destination as the likes of shopping centres in Tsim Sha Tsui in Hong Kong or Orchard Road in Singapore. According to a Visa e-Commerce Tracking Survey, nearly 80 percent of internet users surveyed in Asia Pacific say they made an online transaction and spent an average of over US$3,000 each in the past 12 months.

The top three draws for shopping online were being able to shop at any time (88 percent), at the best prices (83 percent), and being able to shop easily (82 percent). According to the respondents, their most commonly made online purchases were digital entertainment (59 percent), travel (51 percent) and fashion (49 percent).

Among the wide range of products and services available on the internet, Asia Pacific online shoppers surveyed reported that they spent the most on travel services with an average spending of $812 in the last 12 months. Travel items included airline and rail tickets, hotel accommodation and travel packages.

Mohamad Hafidz, regional head, e-Commerce, Asia Pacific, Visa, said: “Nearly a quarter of the world's population – roughly 1.4 billion people – used the internet on a regular basis in 2008 and in Asia Pacific, on average, a person spent about 20.2 hours a month online. Our own survey has revealed online consumers in Asia Pacific recognize the convenience of online shopping as reflected in the high percentage of internet users who buy a wide range of products, from that for everyday use to the occasional high-value item online.”

In the region, Japanese and Koreans surveyed emerged as the most frequent shoppers, with 99 percent and 93 percent respectively having made an online purchase over the last 12 months. However, Australians were the biggest online spenders with an average 12-month tab of $4,160 – $680 more than Singaporeans, who are the next biggest online spenders.

In India, purchasing digital downloads was the most popular form of consumer e-commerce. Seventy-six percent of respondents from India, the highest among Asia Pacific, have bought a form of digital entertainment over the internet in the last 12 months. Music downloads (63 percent) emerged as the most popular digital entertainment purchase.

The internet has also brought about an increase in the number of cross-border transactions with 75 percent of internet users surveyed in Hong Kong having bought an item from an overseas website in the preceding 12 months. Visa (both credit and debit cards) was their most popular payment method with nearly 60 percent of online shoppers surveyed choosing to pay with Visa. Mohamad added: “With almost four in five internet users buying online, people in Asia Pacific are taking full advantage of the global shopping experience that the internet provides.”

Past 12 months online shopping spending by website category – Top 10 in Asia Pacific

1 Airlines / airline tickets
2 Online travel agents
3 Travel accommodation
4 Clothes / shoes
5 Car / motorcycle
6 Computer hardware (PC)
7 Food and groceries
8 Electrical appliances (TV, stereo, etc)
9 White goods (refrigerator, dishwasher, etc)
10 Other types of transportation for traveling

Average online spending in the past 12 months
1 Australia - US$4,160
2 Singapore - US$3,480
3 Japan - US$3,175
4 South Korea -US$3,027
5 India - US$2,147
6 Hong Kong -US$1,698

Source: Visa e-Commerce Tracking Survey