YES BANK, India’s fifth-largest private sector bank, has taken its debit card portfolio to the next level with the introduction of contactless debit cards, as well as strengthening its focus on Rupay Cards. It is one more step in the bank’s commitment to supporting the government’s vision of a “less-cash” economy.
Contactless payment cards use radio-frequency identification (RFID), near-field communication (NFC) or Samsung Pay (MST) so customers can make secure payments simply by waving their card over a reader at the point of sale.
Finextra reported that the NFC-enabled YES cards will be issued to all new YES Prosperity and YES FIRST customers, while existing clients will also get the option of replacing their current cards with the latest version. The cards have been carefully customized and designed around the specific needs of customers, with some of the benefits including rewards points on purchases; YES InControl powered by Mastercard, which allows users to set customized limits on their debit cards across locations and categories; enhanced daily withdrawal limits; insurance coverage; and a range of discounts on dining, travel, shopping, etc.
“The ramp-up of the YES BANK Debit Cards portfolio is a significant step towards us offering our customers the power to choose a debit card that best suits their requirements,” said Pralay Modal, senior group president of retail and business banking at YES BANK Ltd. “These cards have been designed to offer truly superior features and benefits to our valued customers. This launch will augment our efforts towards encouraging our customers to conveniently move to a less-cash economy.”
The YES Prosperity Debit Card range comprises of YES Prosperity Titanium, Titanium Plus, Platinum and Rupay Platinum Debit Cards, while the YES FIRST range includes the YES FIRST WORLD Debit Card.