State Bank of India (SBI), the largest lender in the country, has made cardless cash withdawals interoperable by allowing customers of any banks to draw cash from any ATM that has the UPI QR cash function. The bank has also launched a revamped version of its flagship Yono app.
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By utilizing the ‘UPI QR Cash’ functionality, users can generate a dynamic QR code displayed on the ATM screen and withdraw cash using their UPI application’s Scan and Pay feature. This solution not only simplifies the withdrawal process but also enhances security by eliminating the need for PIN entry or physical handling of debit cards, minimizing risks associated with fraudulent activities.
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The new Yono app offers UPI features such as ‘Scan and Pay’, Pay by contacts, Request money, and more, to customers of any bank.
Since its launch in 2017, the Yono app has gained over six crore registered. In FY23 alone, Yono facilitated the acquisition of 78.60 Lakh savings accounts, accounting for 64% of all digital acquisitions. With the upgraded version, customers from other banks can now join the Yono ecosystem and experience the convenience and benefits it offers.
SBI’s Chairman, Dinesh Khara, expressed the bank’s commitment to delivering cutting-edge digital banking solutions that empower every Indian with financial independence and convenience.
