Grofers partners with YES BANK to deliver cash at customers' homes

Grofers, the on-demand e-commerce mobile and web application, is opening up a new avenue for people to get cash delivered at home, by partnering with YES BANK, India's fifth largest private bank. With this partnership, Grofers customers will be able to get currency notes delivered to their doorstep along with their grocery order for up to Rs. 2,000 through YES BANK PoS Machines.

YES BANK has partnered Grofers for supplying cash across 3 cities - Mumbai, Gurgaon and Bengaluru. Grofers customers in these cities will have an option to get home delivery of cash, along with their grocery order.

The delivery of cash-at-home will be a simple process. Grofers customers, while ordering for groceries, can place a request for delivery of cash via a special code. Grofers delivery executives will be carrying a PoS machine powered by YES BANK, which can be used to swipe customers' debit cards for seamless delivery of cash.

This unique service is being provided by Grofers and YES BANK to further bring ease and convenience into the lives of its customers. This service will initially be available for Grofers customers in Mumbai, Gurgaon and Bengaluru. The company will be adding other cities soon.

"Grofers is excited to partner with YES BANK for delivering cash to our customers. While we are delivering daily essentials such as groceries and fruits & vegetables without cash; we cannot totally eliminate the need of currency notes as people sometimes require them for other reasons. This is our humble attempt to help our customers. Grofers delivery executives will carry PoS machines where customers can swipe and get cash within the comfort of their homes," said Ashneer Grover, Chief Financial Officer, Grofers.

Asit Oberoi, Group President, Transaction Banking Group, YES BANK said "YES BANK has consistently focused on providing a superior, technology-driven banking experience to its customers. We are happy to partner with Grofers in an endeavor to enable greater convenience of transactions, payments by card on delivery and also to bring cash to customers at the same time, by providing seamless withdrawal facilities using YES BANK PoS machines."

Lately, Grofers has been in the news for a rapid growth of 40% in its order volume post demonetization. The app has become a preferred medium for people to buy groceries and fruits & vegetables online, without the need of cash. GMV of fruits & vegetables on Grofers has grown by over 50% in the last one month since demonetization. The delivery business sources its fruits & vegetables directly from farmers and provides its customers with the best market rates.

YES BANK remains fully committed to help realize the Government's initiative to propel digital payments in India and move towards a 'less-cash' economy. Earlier, YES BANK had announced waiver of MDR charges (Merchant Discount Rate) for all Debit Card transactions across RuPay, MasterCard and Visa platforms at all its Merchant locations, including online transactions up to 30th December '16. MDR is the fee charged to the merchant by the Bank for providing card acceptance services. The waiver of MDR will facilitate greater acceptance of Debit Cards by the Merchants thereby resulting in greater use of cards by customers as their preferred payment method.

Shares of YES BANK LTD. was last trading in BSE at Rs.1195.55 as compared to the previous close of Rs. 1206.65. The total number of shares traded during the day was 100520 in over 4109 trades.

The stock hit an intraday high of Rs. 1210 and intraday low of 1194.85. The net turnover during the day was Rs. 120938682.

Source : Equity Bulls

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