State Bank of India (SBI) has launched its upgraded digital banking application, ‘YONO for Every Indian’, and Interoperable Cardless Cash Withdrawal (ICCW) facilities.
With YONO’s new avatar, now customers will have access to UPI features like scan and pay, pay by contacts, request money, among others, according to a statement by India’s largest bank.
SBI said YONO has over 6 crore registered users. In FY23, 64 per cent or 78.60 lakh savings accounts were acquired digitally through YONO.
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Interoperable Cardless Cash Withdrawal
With the rollout of the Interoperable Cardless Cash Withdrawal facility, customers of SBI, as well as other banks, can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality.
“The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by employing the scan and pay feature available on their UPI application,” as per the statement.
By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimises the risks associated with shoulder surfing or card cloning.
Dinesh Kumar Khara, Chairman, State Bank of India, said, “The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfill our goal of making the ‘YONO for Every Indian’ mission a reality.”