Yes Bank And Offer IRIS, EMV-ready Payment Solution

Their solution integrates Retail Application, Card & UPI Payments using Aadhaar E-KYC

Yes Bank in partnership with has announced IRIS EMV PoS (Point-of-Sale terminal) solution. It integrates Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready to use basis. The launch has come at a time when RBI had recently issued a circular advising the banks to use Aadhaar-based Biometric authentication for Card Present transactions.

This integrated solution aims to simplify payment for millions of small and medium businesses; they can not only do their billing but also accept payments and be equipped to disburse small loans completely electronic at any time to the participating merchants at any given point of time.

The integrated solution uses Qualcomm Snapdragon processors for their advanced connectivity capabilities. By using the processing and security features integrated in Snapdragon processors, the device is designed to be able to provision the entire POS over the air, meeting the stringent PCI PIN regulations.

Speaking on the launch, Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, said, “We are pleased to partner with and use Qualcomm Snapdragon processors to launch this solution which brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions. This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”

The IRIS EMV POS is in line with the Digital India initiatives as well the current RBI Circular guidelines. It allows biometric authentication through IRIS scanning and has multiple functionalities serving the purpose of a Point-of-Sale (PoS) terminal as well as an ATM such as Cash Deposits and Withdrawals via Business Correspondents; Purchase Transactions through Cards; Transfer of Funds; Enquiry of Balance; E-KYC Verification for Account Opening; E-Sign of Account Opening forms and more.

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