India’s YES BANK taps Gemalto for secure m-payments
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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.”
Questions & Answers
Q.Which specific Gemalto technology has YES BANK deployed for mobile payments?
Which specific Gemalto technology has YES BANK deployed for mobile payments?
YES BANK has adopted Gemalto’s SafeNet Network HSM for securing mobile payment transactions. This technology provides end-to-end data security and encryption, protecting user credentials and private keys used for digital signing within the UPI application.
Q.What is the primary function of the Unified Payments Interface (UPI) mentioned in the article?
What is the primary function of the Unified Payments Interface (UPI) mentioned in the article?
UPI is India’s online payments solution, allowing account holders to send and receive money using only a single identifier, such as a mobile number or virtual payments address. Users do not need to enter any bank account information.
Q.Why did YES BANK choose to integrate Gemalto's SafeNet HSM technology into its UPI application?
Why did YES BANK choose to integrate Gemalto's SafeNet HSM technology into its UPI application?
YES BANK integrated Gemalto's SafeNet HSM technology to ensure the highest levels of security for users of the UPI platform. This commitment is part of their customer-centric approach to banking services, as stated by their CIO.
Q.What is the scale of YES BANK's physical network across India?
What is the scale of YES BANK's physical network across India?
YES BANK has a widespread network across India, comprising over 860 branches and more than 1,625 ATMs. This infrastructure supports their commitment to a customer-centric approach in banking services.
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