Yes Bank, India's fifth largest private sector bank, has deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its clients under the country’s recently implemented Unified Payments Interface (UPI).
UPI is India's next generation online payments solution which allows all account holders to send and receive money from their smartphones with a single identifier without entering any bank account details.
Gemalto’s SafeNet Network HSM (formerly SafeNet Luna SA HSM) offers end-to-end data security and encryption to safeguard user credential privacy and the private keys responsible for digital signing.
Yes Bank chief information officer Anup Purohit said: "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."
Gemalto sales director for India identity & data protection Ashesh Thanawala said: "By working with Yes Bank India, we are delighted to ensure that its customers benefit from the convenience UPI offers, without compromising on security through the application of strong encryption and protection of user credentials in the prestigious UPI project.
“We are trusted for our technical strength in delivering the required guidance to meet and implement regulatory compliance in such mission critical projects."