The State Bank of India is going to launch YONO 2.0 on the lines of Google Pay very soon. The bank is working fast on this.
YONO 2.0: The State Bank of India is going to launch YONO 2.0 on the lines of Google Pay very soon. The bank is working fast on this.
The point to be noted here is that for the service of YONO 2.0, customers will not have to be a customer of the State Bank of India. All Indians will be able to take the service of YONO 2.0.
On 16 March 2019, the YONO app of State Bank of India was launched for digital banking. E-commerce services including digital banking are provided on this app to the customers of State Bank. YONO Cash is a unique feature available in the YONO App. It enables an account holder to withdraw money instantly from any of the SBI ATMs and most of SBIs Merchant POS terminals or Customer Service Points (CSPs) within India without using any physical card or filling up any physical withdrawal slip.
The YONO user simply needs to login to the YONO platform and use the YONO Cash feature to generate a reference number and create a dynamic PIN for the cash withdrawal. The customer can then use the same to complete the transaction and withdraw/obtain the cash from any of the channels i.e. ATM, POS terminal, or CSP.
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It allows customers to withdraw cash from ATMs, POS, or CSPs even if they forget their wallets at home and only carrying their phone. The YONO Cash transactions are free of cost and are counted over and above the ATM withdrawal. It is environment friendly and eliminates the use of plastic cards.
It is also safe and eliminates all the risks associated with the card. There are no dangers like shoulder surfing, card trapping, card skimming risk, or card/pin loss. PIN generation is done dynamically for every transaction.
