Adedapo Adesanya
By Adedapo Adesanya
Yes Bank, a leading private sector bank in India, and Ebanx, a global fintech company specialized in payment solutions for emerging markets, have announced a strategic partnership to power payment processing in India, the world’s fifth largest economy.
According to a statement, the collaboration represents a significant milestone in the digital payments landscape, aimed at streamlining cross-border payment processing and enhancing global commerce opportunities for global merchants and Indian customers in India.
The partnership announcement comes at a time when Ebanx is actively working to reinforce its position in India, following its expansion announcement into Asia last year. India is the second-largest online shopping market, with 350 million people. As projected by the last Beyond Borders study, the world will see 109 million people being added to the consumer class this year, and India alone will be responsible for one-third of it. And yet, cross-border payments within the digital commerce space represent only 9 per cent of the transactions (PCMI).
By combining technological innovation with regulatory compliance, the two companies will be aiming to tap the wider ecosystem of merchants, consumers, and the digital economy in India and beyond.
The partnership will also leverage Ebanx’s extensive global experience and proficiency in cross-border payments alongside Yes Bank’s digital prowess, to provide global merchants with seamless access to a suite of scalable payment solutions, crafted within an innovative business architecture framework and aligned with the latest regulatory guidelines.
offering a comprehensive range of local payment methods, including Unified Payments Interface (UPI), cards issued across all locally available networks, sophisticated recurring payment transactions, along with mandate management services, thereby enabling merchants to tap into one of the world’s most rapidly expanding economies and efficiently navigating its rapidly growing digital payments landscape.
Speaking on the collaboration, Mr. Ajay Rajan, Country Head – Multinational and International Business Transaction Banking, Government Banking and Knowledge Units, Yes Bank, highlighted the strategic importance of this partnership, and said, “Teaming up with EBANX perfectly aligns with our vision to offer Indian customers and global merchants a broader spectrum of digital financial services that support the rapidly expanding global digital commerce business volumes. Yes Bank views this partnership as a strategic step towards unlocking India’s payment acceptance capabilities for global merchants.
“By leveraging Ebanx’s global expertise and advanced technological solutions, we are poised to deliver scalable payment solutions tailored for the Indian market, ultimately fostering an environment conducive to digital inclusion and global trade into India.”
On her part, Ms Paula Bellizia, President of Global Payments, Ebanx, expressed excitement about the partnership, and said, “We are set to revolutionize the way international merchants engage with Indian consumers. Instant, alternative payments have this transformational power in rising markets. Considering UPI’s path in India thus far, and the Pix phenomenon in Brazil, it is expected that UPI will also impact cross-border digital commerce for good in India.”
