UltraCash utilises a patent-pending technology, through which payment data is transferred from one device to the other using unique ultra high frequency sound waves, indiatimes.com reports.
This partnership will enable Ultracash to issue Yes Bank sponsored mobile wallets and employ Yes Banks immediate payment service (IMPS) payments platform to enable processing of instant proximity transactions, Yes Bank said in a statement, the source cites.
The technology ensures that UltraCashs Tap and Pay works on all devices and doesnt need any special hardware to make the payment. There is no need of special near field communication (NFC) chips. UltraCashs sound wave technology enables mobile payments to be done without the need for internet connectivity using any of the options such as bank account and cards.
Besides, UltraCash will now be issuing Yes Bank branded digital wallets to the consumers to aid quicker, seamless and friction-free payments. UltraCash has more than 60,000 active app users.
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