State Bank of India (SBI) has introduced an enhanced version of its YONO app, featuring a range of new Unified Payments Interface (UPI) functionalities such as Scan and Pay, Pay by Contacts, Request Money, and Interoperable Cardless Cash Withdrawal (ICCW). The bank aims to encourage customers of other banks to join the YONO platform, thereby expanding the SBI family, as stated in a press release.
SBI has launched the Interoperable Cardless Cash Withdrawal feature to celebrate the 68th Bank Day, enabling SBI customers to withdraw cash from any ATM in India without using their ATM card. Users can generate a QR code through the YONO app, which they can then scan at the ATM to initiate the cash withdrawal process.
The ICCW feature is available at all ATMs in India that support UPI payments. To utilize this service, customers must have the latest version of the YONO app installed on their smartphones and a registered UPI ID.
To generate a QR code, customers can navigate to the “Cash Withdrawal” section within the YONO app. After entering the desired withdrawal amount and selecting the preferred ATM, the app will generate a unique QR code. At the ATM, users can scan the QR code, enter their UPI ID and UPI PIN, and upon successful verification, the ATM will dispense the requested cash.
The ICCW facility provides SBI customers with a convenient and secure method of cash withdrawal from ATMs, as it eliminates the need to share ATM card details with the ATM operator. By removing the requirement for a PIN or physical handling of a debit card, this feature minimizes the risks associated with shoulder surfing or card cloning.
Dinesh Khara, Chairman of SBI, expressed the bank’s commitment to offering advanced digital banking solutions that provide financial independence and convenience to all Indians. The revamped YONO app aims to deliver a seamless and enjoyable digital experience, aligning with the bank’s mission of making “YONO for Every Indian” a reality.
With the introduction of the ICCW feature, SBI emphasizes its dedication to ensuring user-friendly and secure digital channels, enabling customers to enjoy the benefits of instant cash withdrawal while mitigating potential risks associated with traditional card-based transactions.
