Consumers want to pay for an experience: Devraj Sanyal

2015 is about to end and to uplift the celebration spirits, Universal Music Group is all set to give an awe-inspiring experience to music lovers. And to complement this, YES BANK, India’s fifth largest private sector bank has partnered with Universal Music Group for its newly acquired music festival - ‘Bacardi Enchanted Valley Carnival’ (EVC) to provide cashless payment solutions for the visitors.

Bacardi EVC to be held from 17-20 Dec’15 at Aamby Valley City, Lonavala, is expected to be attended by 15,000 visitors with world-class artists like Tiesto, Oliver Heldens, Fatboy Slim and Far East Movement performing. Devraj Sanyal, Managing Director & Chief Executive Officer of Universal Music Group & EMI Music, South Asia shares, “The way Music is consumed has drastically changed in recent times. Consumers want to pay for an experience and watch artists live. We have programmed the festival in such a manner that there’s something for everyone on each day of the festival.”

“This will be the first time a festival in India will go completely cashless and Globally this is the first time a bank will associate with a festival to make it a Cashless festival,” he continues, “There will be complete transparency on every transaction, which will drastically reduce theft. Lost or stolen RFID devices can be deactivated and replaced in moments.”

Yes Bank is facilitating cashless payments by using Wrist Bands which can be loaded at various collection points at the festival, and can then be used for making any kind of payment with a simple tap.

As to why did they choose to go with Yes Bank, Devraj expresses, “Yes Bank along with Universal Music Group realized that payment experience at music festivals is an important area, which can be significantly improved by the use of latest payment technologies. There are huge cost savings for us from not having to transport, count or administer cash/coupons at the site.”

Yes Bank has leveraged its experience in banking technologies and Innovation to offer this fast, convenient and secure mode of transaction thereby enhancing user experience. Speaking on the association, Ritesh Pai, Senior President and Country Head, Digital Banking, Yes Bank said, “Providing superior customer experience by leveraging evolving technology has been a key focus area for us at Yes Bank. This association has helped us in extending the same philosophy to patrons at the Bacardi Enchanted Valley Carnival. We truly value our association with Universal Music Group, who with their experience and expertise, are the ideal partners for driving this initiative.”