India's YES BANK taps Gemalto for secure m-payments

FinTech Innovation editors
FinTech Innovation

India's YES BANK has deployed Gemalto technology to secure mobile payment transactions for its customers under India's recently implemented Unified Payments Interface (UPI).

YES BANK, India's fifth largest private sector bank, has adopted Gemalto's SafeNet Network HSM for the purpose.

UPI, India's online payments solution, enables all account holders to send and receive money from their smartphones with a single identifier - such as mobile number or virtual payments address - without entering any bank account information.

The SafeNet Network HSM (formerly SafeNet Luna SA HSM) provides end-to-end data security and encryption to protect user credential confidentiality and the private keys responsible for digital signing.

"With a widespread network of over 860+ branches and 1,625+ ATMs Pan India, we're committed to taking a customer-centric approach to our banking services," said Anup Purohit, CIO at YES BANK.

"The Unified Payments Interface offers clients revolutionary convenience when it comes to banking and payments, and we want to ensure the highest levels of security for users of the platform. We're thrilled to integrate Gemalto's industry-leading SafeNet HSM technology into the UPI application to support this initiative."

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