A first of its kind financial solution allowing effective disbursement of physical cash to digital right at source itself!
With an aim to revolutionize the transaction payment ecosystem, YTS Solutions, a leading financial institution providing services to micro customers, today introduced MoSa Pay, a unique mobile based easy online salary disbursement solution.
For the first time in India, YTS with its new product MoSa Pay empowers the unbanked by providing customers in lower income groups access to mobile wallets for effective and timely disbursement of salaries. Targeted at SMEs (Small & Medium Enterprises) having direct or indirect employee strength of 50-50000, MoSa Pay assists employers to open an employee accounts on a mobile wallet, disburse physical cash to digital at source thereby managing monthly salary transactions using a simple customized portal. With this new solution, mobile wallets become a powerful tool acting as a key enabler for financial inclusion transcending beyond recharge, utilities and shopping payments.
Commenting on the launch of MoSa pay, Shweta Aprameya, Founder & CEO, YTS Solutions said, “While the RBI led Business Correspondents model has revolutionised Indian banking ecosystem, however a vast majority of Indian migrant population remains unbanked with limited or no access to the financial services. The mobile revolution with over 900 million mobile users has widened scope for financial inclusion. MoSa pay is a revolutionary step towards addressing the challenge of under-banked audience to become ‘mobile banked’ by disbursing salaries right to their mobiles and thus bringing in not only transparency but ease of transaction for the migrant segmentâ€
The application is integrated with convenient and customizable Cloud Software as a Service (CSaaS) platform which allows easy payment transaction practices. Designed by using Union Bank Money prepaid payment platform, MoSa pay enables easy digital salary linkage between the employer and employees, de-risking the need of manual cash management and additional paper work. Using MoSa Pay, employees can accumulate money in digital form as well as effortlessly transfer money to their families through a simple SMS, keeping the salary and income information secured.
Highlighting the experience about MoSa Pay Mr. Mahadev Gondlekar, Managing Director, M SQUARE Facility Management Services said , “MoSa Pay has made it easier salary disbursement of our employees working on different sites and locations. It has considerably reduced our cash handling risk and saved valuable time. We are glad and very relieved to have this flexible solution; its a real benefit for our workers/employees who can now safely manage their money with their mobile account and can even send money to their family with a simple SMS!â€
According to the recent reports, limited presence of official banking channels is causing higher security risk for the cash management resulting in surplus cash in the economy, currently pegged more than 12% of the GDP. The mobile payments infrastructure is expected to play a pivotal role in overcoming these challenges with the mobile payment business poised to grow at US $360 billion (approx.) by 2018 encompassing money transfers, government and business payments, bill and utility payments, and consumer banking.
About YTS Solutions:
YTS, established in December 2013, has a vision to set up an integrated digital & physical hub delivering innovative affordable “with frillsâ€ solutions to fulfil the needs & dreams of the masses & often the unbanked segment of India through meaningful partnerships
With innovation at its core, YTS services are present in more than 5 states, serving over 3 lacs customers through the ever growing network of more than 2000 agents
Delivering a suite of financial products & services, from mobile wallets to bill payments, from loans to insurance, from money transfer to even mobile account salary credits & more – YTS is a complete digital financial mart!