YES Bank has partnered with BLUE DART and Snapdeal to enhance the “Cash On Delivery” (COD) model by making strategic interventions in the Financial Supply Chains. This partnership is under YES TRANSACT, it’s a YES BANK’s award winning transaction banking product suite and reinforces the Bank’s philosophy of providing insightful Knowledge Banking solutions to the sunrise sectors of India’s economy.
Asit Oberoi, Group President & Chief Operating Officer, YES BANK said:
“We are proud to partner with BLUE DART and Snapdeal who are leading the ongoing revolution in India’s e-commerce space for this pioneering solution. The Cash on Delivery model is very important in the Indian e-commerce industry, and we are certain that our YES TRANSACT solution will bring in enhanced efficiencies offering significant value to the companies in managing their Supply Chain.”
Amit Choudhary, Senior Vice President – Corporate Finance, Snapdeal said:
“The dominant mode of payment for a large portion of online customers continues to be cash on delivery, this in effect adds time to the payment cycles for sellers. With this partnership we are confident that we can improve payments cycles and help our sellers become more successful”.
Yogesh Dhingra, Chief Financial Officer and Chief Operating Officer, BLUE DART Express Ltd. said:
“BLUE DART has been a leader in the logistics industry in India and has innovated several best practices then replicated by others in this space. We have been committed to delivering the best to our customers and this partnership with YES BANK and Snapdeal will only re-affirm our commitment to ensuring customer delight, convenience and reliability in every transaction”.
This unique integration through a proprietary system will enable Snapdeal to receive COD from BLUE DART in a faster, streamlined fashion and also help with faster payments to suppliers. The Cash On Delivery model accounts for close to 60% of all e-commerce transactions and the COD transaction value is expected to reach about INR 54,000 Crore size by 2016. YES BANK is also working on enabling electronic and digital payment solutions for consumers.
The process includes both the involvement of YES BANK as a collection banker to BLUE DART for its cash handling and also a technical integration through which data is processed electronically and payments are released to the market place basis the same. In the first phase YES BANK will make this same day processing facility available at 23 BLUE DART locations across Metros and Tier-I cities. This will be expanded Pan-India covering Tier-2 and Tier-3 towns and cities across all major States in India within the next 6 months and account for close to 50% of BLUE DART’s COD handling.
YES BANK had earlier partnered with Snapdeal to implement industry’s first API Banking services enabling Snapdeal to process Customer Refunds within an hour’s time.