Yes Bank has deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its customers under India’s recently implemented Unified Payments Interface (UPI).
UPI was launched in April by the National Payments Corporation of India (NPCI), and will go live by the end of this month with 15 participating banks.
It offers instant, online bank payments, and is seen as a major change to the Indian financial sector. It enables banks to provide real-time payments through QR code enabled addresses and offers device fingerprinting for additional security.
SafeNet Network HSM (formerly SafeNet Luna SA HSM) will provide end-to-end data security and encryption to protect user credential confidentiality and the private keys responsible for digital signing, thus establishing a “secure root of trust” for financial transactions throughout the UPI payment process.
Anup Purohit, chief information officer at Yes Bank, says: “The Unified Payments Interface offers clients revolutionary convenience when it comes to banking and payments, and we want to ensure the highest levels of security for users of the platform. We’re thrilled to integrate Gemalto’s industry-leading SafeNet HSM technology into the UPI application to support this initiative.”
Yes Bank, the fifth largest in India’s private sector, has a network of over 860+ branches and 1,625+ ATMs across all 29 states and seven union territories. It is headquartered in the Lower Parel Innovation District (LPID) of Mumbai.