SBI has revamped its digital banking app ‘YONO for Every Indian’ and launched Interoperable Cardless Cash Withdrawal (ICCW) facilities.
The app now offers UPI features and the ICCW facility allows customers to withdraw cash from any bank’s ATM using a single-use dynamic QR code.
The largest public sector bank, State Bank of India (SBI), has revamped its digital banking application ‘YONO for Every Indian’ and further launched Interoperable Cardless Cash Withdrawal (ICCW) facilities. This was done against the backdrop of the lender’s 68th Bank Day. Earlier, it was almost unreal to even think of withdrawing money from an ATM without a debit card. But now technology has evolved. To withdraw cash from an ATM, you no longer need a debit or ATM card.
According to reports, SBI Chairman Dinesh Khara said, “SBI is dedicated to introducing state-of-the-art digital banking solutions that empower every Indian with financial freedom and convenience, keeping in mind our customer’s expectations for a seamless and enjoyable digital experience. Keep in mind that the YONO app has been updated.”
Khara believes that this will fulfil SBI’s goal of making YONO for Every Indian a reality. Any bank customer will now be able to use the new version of the YONO app to access UPI features like Scan & Pay, Pay by Contact, and Request Money.
Further, under the Interoperable Cardless Money Withdrawal facility, clients of SBI and different banks can pull out cash from any bank’s ICCW-empowered ATM utilizing the ‘UPI QR Money’ functionality.
As per reports, SBI’s interoperable cardless cash withdrawal through ATMs not only helps in the cash withdrawal process but is also useful for enhanced security for customers.
The new facility does not need to enter a PIN or use a debit card, and the ICCW facility also limits the dangers related to shoulder surfing or card cloning. Alongside this, clients can likewise get the advantages of instant cash withdrawal through an easy-to-understand digital channel. It also offers a hassle-free banking experience.
Reports propose that SBI is one of the most portable banking applications in the country, with more than 6 crore enlisted clients on its digital face, ‘YONO’ since 2017.
Nonetheless, SBI believes the redesigned form of the YONO application will engage clients of different banks to set out on the YONO venture and become a part of the ever-growing SBI family.
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