YES Bank entered into a partnership with Visa to issue credit cards to its customers on the payment platform, said the leading private sector bank in a recent statement. With the partnership, Yes Bank will begin the issuance of nine credit card variants - both consumer and commercial, on Visa's payment network.
It consists of nine credit card variants on the Visa platform that service all segments, including business cards, consumer cards, and corporate cards across YES Premia, YES First, and YES Prosperity, according to the statement by the full service commercial bank. The transition has been achieved within less than 60 days, for the convenience of customers across segments.
The Visa co-branded cards offer loyalty programs, under which the reward points never expire and can also be transferred or shared to the credit card holders of YES Bank.
''At a time when consumers are turning to credit offerings for daily as well as discretionary spends, we are now extending an already strong relationship with the Bank - across debit, digital and acceptance solutions - to a wide range of credit offerings,'' said Mr Sujai Raina, Head – Business Development, India, Visa.
''Keeping in mind the varied consumers, businesses and corporate clients that the bank caters to, Visa aims to help expand access and enable inclusion to digital payments across these segment,'' added Mr Raina.
YES Bank is also in the process of completing a technology integration with the National Payments Corporation of India (NPCI) and plans to issue Rupay branded credit cards at a later stage.
On Wednesday, September 22, shares of YES bank were last trading 2.46 per cent higher at Rs 13.21 on the BSE. YES Bank opened on the BSE at Rs 13.09, swinging to an intra day high of Rs 13.36 and an intra day low of Rs 13.09, in the trading session so far.