SBI launches upgraded version of YONO app & Interoperable cardless cash withdrawal through ATM:
The State Bank of India (SBI) has launched an enhanced digital banking application called ‘YONO for Every Indian’ as part of its 68th Bank Day celebrations. This upgraded version of the YONO app aims to provide inclusive and customer-centric digital banking services to every Indian citizen, regardless of their bank.
One of the key features of ‘YONO for Every Indian’ is the inclusion of Unified Payments Interface (UPI) features. Now, customers of any bank can access UPI functionalities such as Scan and Pay, Pay by Contacts, and Request money within the YONO app. This allows users to make seamless and convenient digital payments using UPI, promoting a cashless economy.
The launch of the Interoperable Cardless Cash Withdrawal (ICCW) facility is another highlight of the enhanced YONO app. With this feature, customers can withdraw cash from SBI ATMs without using a physical debit card. Instead, they can initiate a cardless cash withdrawal transaction through the YONO app and receive a one-time PIN (OTP) on their registered mobile number. This OTP can be used at an SBI ATM to withdraw the desired amount, providing a secure and convenient cash withdrawal experience.
By introducing ‘YONO for Every Indian’ and the ICCW facility, SBI aims to empower customers with advanced digital banking capabilities and promote financial inclusion. These initiatives demonstrate SBI’s commitment to leveraging technology to make banking services accessible, convenient, and secure for all customers across India.
Since its launch in 2017, YONO has gained the trust of millions of users and has become one of the most trusted mobile banking apps in India. With over 6 crore registered users, it has witnessed significant growth and has played a crucial role in acquiring new savings accounts digitally.
In the fiscal year 2022-23, 64% or 78.60 lakh savings accounts were acquired through the YONO app, showcasing its popularity and effectiveness in onboarding new customers. The upgraded version of the YONO app aims to extend its services to customers of other banks, inviting them to experience the benefits of YONO and encouraging them to join the SBI family.
The Interoperable Cardless Cash Withdrawal (ICCW) facility is a significant addition to the YONO app. It enables customers of both SBI and other banks to withdraw cash seamlessly from ICCW-enabled ATMs of any bank. This is made possible through the ‘UPI QR Cash’ functionality, where a dynamic QR code is displayed on the ATM screen. Users can utilize the Scan and Pay feature available on their UPI application to scan the QR code and withdraw cash conveniently.
This feature provides flexibility and convenience to customers, eliminating the need for a physical debit card for cash withdrawals. It simplifies the cash withdrawal process and promotes interoperability between different banks, making banking services more accessible and user-friendly.
Overall, the upgraded YONO app with its expanded features and the ICCW facility, demonstrates SBI’s commitment to providing innovative digital banking solutions to its customers and promoting financial inclusion across the country.
The State Bank of India (SBI) has launched its enhanced digital banking application, ‘YONO for Every Indian’, along with the Interoperable Cardless Cash Withdrawal (ICCW) facilities, as part of the bank’s 68th Bank Day celebrations. The upgraded version of the YONO app aims to provide inclusive and customer-centric digital banking services to all Indian citizens, regardless of their bank affiliation.
Since its launch in 2017, YONO has gained trust and popularity among users, with over six crore registered users to date. In the financial year 2022-23 alone, 78.60 lakh savings accounts, accounting for 64% of total acquisitions, were opened digitally through the YONO app. The success of YONO has positioned it as one of the most trusted mobile banking apps in the country.
The latest version of the YONO app extends its features to customers of other banks, enabling them to access UPI (Unified Payments Interface) functionalities such as Scan and Pay, Pay by contacts, and Request money. This milestone upgrade represents SBI’s commitment to expanding its customer base and offering seamless digital banking services to individuals across all banks. By providing access to a unified platform, SBI aims to encourage customers of other banks to become part of the ever-growing SBI family.
In addition to the app upgrade, SBI has introduced the Interoperable Cardless Cash Withdrawal facility, which allows customers of both SBI and other banks to withdraw cash seamlessly from ICCW-enabled ATMs of any bank. This innovative feature utilizes the ‘UPI QR Cash’ functionality, wherein a single-use dynamic QR code is displayed on the ATM screen. Users can initiate the withdrawal process by scanning the QR code using their UPI application’s Scan and Pay feature.
This simplifies the cash withdrawal process and enhances security by eliminating the need for customers to enter a PIN or physically handle a debit card. The ICCW facility minimizes the risks associated with shoulder surfing or card cloning, providing customers with a secure and hassle-free banking experience.
The implementation of these digital solutions is part of SBI’s ongoing efforts to strengthen its digital platforms and deliver innovative and customer-centric banking services. By leveraging data and technology, SBI aims to provide its customers with a holistic and seamless digital experience. The bank recognizes the importance of financial independence and convenience for every Indian citizen and is dedicated to offering cutting-edge digital banking solutions that cater to their expectations.
Dinesh Khara, Chairman of the State Bank of India, expressed SBI’s commitment to empowering every Indian with financial independence and convenience through cutting-edge digital banking solutions. The revamp of the YONO app has been designed with a focus on customer expectations, aiming to provide a seamless and pleasant digital experience. SBI’s ultimate goal is to make the ‘YONO for Every Indian mission a reality, ensuring that individuals can access banking services easily and conveniently.
With these initiatives, SBI continues to drive digital transformation in the banking sector, reinforcing its position as a leader in providing digital banking solutions in India. By embracing technology and prioritizing customer needs, SBI aims to revolutionize how individuals manage their finances, offering them greater control, security, and convenience in their banking transactions.
