SBI launches revamped YONO app with UPI and cardless withdrawal
State Bank of India's (SBI) YONO app has often been criticized for being unreliable and lacking features. That might change soon. The banking giant has launched a revamped version of the app dubbed 'YONO for Every Indian' with multiple UPI-related features. The upgraded version of the app was introduced as part of the lender's 68th bank day. Let's explore the app's features.
Why does this story matter?
India has been moving toward a cashless economy since the advent of the Unified Payment Interface (UPI). UPI has become widely popular across India, becoming the go-to payment option for many. A banking application without UPI features is not attractive to customers. With the revamped YONO app, SBI aims to attract UPI users from other banks to its platform.
Upgraded YONO has multiple UPI features
SBI has introduced a slew of UPI features to the new YONO, including Scan and Pay, Pay by contacts, and Request money, among others. "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.
Customers can withdraw cash without a debit card
The highlight of the new YONO app is the UPI-powered cardless withdrawal from ATMs. Users will not need to carry a debit card around with them if they have the latest version of the YONO app. The feature is called Interoperable Cardless Cash Withdrawal (ICCW), which can be used by customers of other banks too.
How to withdraw cash without a debit card?
Customers can withdraw cash from any ICCW-enabled ATM with YONO. The transaction can be done using the 'UPI QR Cash' functionality. Users will have to first generate a dynamic QR code on the ATM using the UPI QR Cash feature. They can then withdraw cash by using 'Scan and Pay' feature in their UPI application. Customers must have a registered UPI ID for this.
Cashless withdrawal increases the security of transactions: SBI
"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," the bank said. "The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience," said SBI chairman Dinesh Khara.
