The State Bank of India (SBI) launched its fully revamped digital banking application ‘YONO for Every Indian’ on Sunday. With YONO, which stands for “You Only Need One”, bank customers will have access to the Unified Payments Interface (UPI) features like Scan and Pay, Pay by contacts, Request money, among others.
Since its inception in 2017, YONO has had over 6 Crore registered users. In FY23, 78.60 lakh savings accounts in SBI were opened digitally through YONO.
“The upgraded version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family,” the bank said in a release.
As part of its 68th Bank Day celebrations, SBI also launched the Interoperable Cardless Cash Withdrawal (ICCW) facilities which caters to both the customers of SBI and other banks. Customers can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality.
Through a single-use dynamic QR code displayed on the ATM screen, transactions will be processed. Further, users can conveniently withdraw cash by employing the Scan and Pay feature available on their UPI application.
“By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimizes the risks associated with shoulder surfing or card cloning. Customers can enjoy the benefits of instant cash withdrawal through a user-friendly and secure digital channel,” the bank said on the safety front of the newly rolled out feature.