State Bank of India (SBI) released its improved digital banking software, ‘YONO for Every Indian,’ as well as Interoperable Cardless Cash Withdrawal (ICCW) services.
According to a statement issued by India’s largest bank, consumers will now have access to UPI capabilities such as scan and pay, pay by contacts, and request money through YONO’s new avatar.
According to SBI, YONO has over 6 crore registered users. In FY23, YONO was used to obtain 64 per cent of all savings accounts, or 78.60 lakh accounts.
Customers of SBI and other banks can now withdraw cash from ICCW-enabled ATMs of any bank utilising the ‘UPI QR Cash’ functionality, thanks to the implementation of the Interoperable Cardless Cash Withdrawal service.
“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.
The ICCW facility reduces the hazards associated with shoulder surfing and card cloning by eliminating the need to enter a PIN or physically handle a debit card.
“The YONO app has been revamped, keeping in mind our customers’ expectations for a seamless and pleasant digital experience,” said Dinesh Kumar Khara, Chairman of State Bank of India. This would help us go closer to realising the ‘YONO for Every Indian’ mission.”
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