SBI unveils fully revamped YONO app with UPI features and cash withdrawal facility

The State Bank of India (SBI) on Saturday rolled out a revamped version of its YONO app which includes a number of new Unified Payments Interface (UPI) features like Scan and Pay, Pay by Contacts, and Request Money, among others, and Interoperable Cardless Cash Withdrawal (ICCW).

"The upgraded version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family," the bank said in a press note.

As part of the 68th Bank Day celebrations, the newly launched Interoperable Cardless Cash Withdrawal feature will allow SBI customers to withdraw cash from any ATM in India without using their ATM card. Customers can use their YONO app to generate a QR code, which they can then scan at the ATM to withdraw cash.

The ICCW facility is available at all ATMs in India that support UPI payments. To use the facility, customers need to have the latest version of the YONO app installed on their smartphones. They also need to have a registered UPI ID.

To generate a QR code, customers need to open the YONO app and go to the "Cash Withdrawal" section. They will then need to enter the amount of cash they want to withdraw and select their preferred ATM. The app will then generate a QR code.

Customers can then scan the QR code at the ATM. The ATM will then ask them to enter their UPI ID and UPI PIN. Once the UPI PIN is entered, the ATM will dispense the cash.

The ICCW facility is a convenient way for SBI customers to withdraw cash from ATMs. It is also a secure way to withdraw cash, as customers do not need to share their ATM card details with the ATM operator.

Dinesh Khara, Chairman of SBI, said, "SBI is dedicated to offering cutting-edge digital banking solutions that empower every Indian with financial independence and convenience. The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfill our goal of making the 'YONO for Every Indian' mission a reality."

Since its inception in 2017, YONO has grown to become one of the most trusted digital banking apps in the country, with over 6 crore registered users, the lender said. In FY23, YONO was used to obtain 64% of all savings accounts or 78.60 lakh accounts.

“By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimizes the risks associated with shoulder surfing or card cloning. Customers can enjoy the benefits of instant cash withdrawal through a user-friendly and secure digital channel,” the bank said on the safety front of the newly rolled-out feature.

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