YES Bank, a prominent private sector bank in India, and EBANX, a global fintech company specializing in payment solutions for emerging markets, have announced a strategic partnership aimed at revolutionizing payment processing in India for the global digital economy.
This collaboration marks a significant milestone in the digital payments landscape, focusing on streamlining cross-border payment processing and unlocking new global commerce opportunities for both global merchants and Indian customers.
The partnership leverages EBANX’s extensive global experience and expertise in cross-border payments, complemented by YES BANK’s digital capabilities. Together, they aim to provide global merchants with seamless access to a comprehensive suite of scalable payment solutions tailored to the Indian market’s unique dynamics and aligned with the latest regulatory guidelines.
Mr. Ajay Rajan, Country Head of Multinational and International Business Transaction Banking, Government Banking, and Knowledge Units at YES BANK, emphasized the strategic significance of the partnership. He stated, “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.” Mr. Rajan views this partnership as a strategic step towards unlocking India’s payment acceptance capabilities for global merchants, ultimately fostering an environment conducive to digital inclusion and global trade into India.
Ms. Paula Bellizia, President of Global Payments at EBANX, expressed enthusiasm about the partnership, highlighting its potential to revolutionize international merchants’ engagement with Indian consumers. She stated, “Our partnership with YES BANK is pioneering new pathways for global businesses to seamlessly integrate and thrive within the Indian market.” Ms. Bellizia emphasized the transformative power of instant, alternative payments in emerging markets and anticipated that UPI (Unified Payments Interface) would play a crucial role in shaping cross-border digital commerce in India.
The partnership announcement comes as EBANX continues to strengthen its presence in India, following its expansion into Asia last year. India, as the second-largest online shopping market with 350 million people, presents immense opportunities for cross-border commerce. Despite its potential, cross-border payments within the digital commerce space represent only 9% of transactions. The strategic partnership between YES BANK and EBANX aims to address this gap, benefiting merchants, consumers, and the broader digital economy ecosystem in India and beyond.
Through innovative payment solutions and a customer-centric approach, YES BANK and EBANX are poised to lead the transformation of cross-border commerce in India, driving economic growth and digital inclusion on a global scale.