The Interoperable Cardless Cash Withdrawal (ICCW) capability and the upgraded digital banking application “YONO for Every Indian” have both been made available by the State Bank of India (SBI).
Details on through the YONO app, SBI provides cardless cash withdrawal from ATMs
The ‘YONO for Every Indian’ would give every bank user access to UPI services including Scan and Pay, Pay by contacts, and Request money, among others, according to a press release from SBI on July 2. SBI stated in the statement that this significant update “further expands SBI’s commitment to providing inclusive and customer-centric digital banking services to every Indian citizen.”
The mobile banking software YONO has more than 60 million registered users since its inception in 2017. 64%, or 7.86 million savings accounts, were obtained digitally by YONO in FY23 alone. Customers of other banks will be able to start the YONO adventure with the help of the improved YONO app, which will encourage them to join the ever-expanding SBI family.
As a result of the implementation of the Interoperable Cardless Cash Withdrawal facility, both SBI and other bank customers can now easily withdraw cash from any bank’s ATM that supports ICCW by using the “UPI QR Cash” functionality. An ATM screen-displayed single-use dynamic QR code will be used to facilitate the transaction. Utilising the Scan and Pay feature on their UPI application, users may conveniently withdraw cash.
The YONO app has been updated to meet our customers’ demands for a seamless and enjoyable digital experience, according to Dinesh Khara, chairman of SBI. The ‘YONO for Every Indian’ mission will become a reality thanks to this, which will promote our goal.
By removing the need to enter a PIN or physically handle a debit card, the facility streamlines the cash withdrawal procedure and offers increased client security. However, the ICCW facility also reduces the dangers of shoulder surfing and card cloning. Through a user-friendly and secure digital channel, customers can benefit from quick cash withdrawal, providing them with a hassle-free banking experience. According to the press release, SBI has been actively bolstering its digital platforms as part of the bank’s commitment to offer cutting-edge and customer-centric products.
