State Bank of India (SBI), the country’s largest scheduled commercial bank, has introduced YONO Cash to facilitate cardless cash withdrawal through the YONO app from 16500 SBI ATMs. The ATMs enabled for this service will be termed as YONO Cash Points.
YONO Cash, which has been launched in collaboration with YONO SBI – India’s first integrated omni-channel banking and lifestyle platform – makes SBI the first bank to offer this service in the industry.
As cardless withdrawals eliminate the risk of skimming and cloning, SBI expects YONO Cash to up the ante on customer delight by virtue of its security feature and the convenience of card-less cash withdrawals.
Cash withdrawal process through YONO Cash is a secured transaction with 2-factor authentication, which customers can initiate by installing the YONO app and setting a six digit YONO Cash PIN for the transaction.
YONO can be accessed through Android and iOS-powered mobile phones, and on the web through a browser, allowing for a seamless omni-channel customer experience.
On initiating the cash withdrawal process customers will get another six digit reference number for the transaction on their registered mobile number via SMS, which has to be used within 30 minutes along with the PIN at the nearest YONO Cash point to get the cash.
Speaking on the launch, SBI Chairman Rajnish Kumar said, “YONO Cash is yet another step by the bank towards our goal of maximising convenience and enhancing banking experience for our customers. The initiative will also address their concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature on YONO is designed to help its users withdraw cash without a physical debit card.”
“Through YONO, our endevaour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years,” he added.