UltraCash uses a patent-pending technology, through which payment data is securely transferred from one device to the other using unique ultra high frequency sound waves.
The collaboration will allow Ultracash to issue mobile wallets, sponsored by Yes Bank, and employ the bank’s IMPS payments platform for processing of instant proximity transactions.
The technology will make sure that UltraCash’s Tap and Pay works on all devices without any special hardware to make the payment.
Special near field communication chips are also not required to carry out the process.
Yes Bank senior president and country head for digital banking Ritesh Pai said: "Indian payments market is at a cusp of revolution and YES BANK has been at the forefront along with partners such as Ultracash to lead innovations which will be widely adopted by consumers.
"With this collaboration, we are expecting to change the way Merchant payments are done across the country and lead the proliferation of the digital and mobile payments to the 25 million small scale retailers."
India currently has more than 1 billion mobile connections, leading to 75% market penetration. There are around 200 million estimated smart phone owners in the country.
UltraCash has over 60,000 active app users who have carried out more than 1.2 lakh transactions.
