YES BANK, India's 5th largest private sector bank, today announced its tie-up with Singapore-based MatchMove Pay, Asia's leading mobile payment platform provider, for a multi-dimensional strategic partnership to accelerate its expansion into the country's booming e-commerce market and revolutionise India's e-commerce and payments ecosystem.

Initially MatchMove Pay will launch its mobile wallet platform-as-a-service in India through YES BANK's regulatory infrastructure, thereby offering the latter's customers an alternative online payment solution via its pre-paid virtual cards licensed by MasterCard.

This will allow customers who do not own credit cards or even online banking facilities to immediately start making purchases online or in-app.

Ritesh Pai, senior president and country head, Digital Banking of YES Bank, said, ''In India Mobile wallet is a very new concept but it has gained a considerable amount of growth momentum in the recent past. As this product has already surpassed the customer base of credit cards, we at YES Bank strongly believe that there is a huge growth potential for this form of a specialized e-commerce service in the market.''