By enabling customers of any bank to withdraw money from any ATM that has the UPI QR cash function, the biggest bank in the nation, State Bank of India (SBI), has made cardless cash withdrawals compatible. Additionally, the bank has released an updated version of its popular Yono app.
“Enhanced ATM Withdrawal Experience: Streamlined and Secure with Dynamic QR Codes and UPI Integration”
Users can generate a dynamic QR code that appears on the ATM screen by using the “UPI QR Cash” capability, and then withdraw money using the “Scan and Pay” function of their UPI application. By doing away with the need to physically handle debit cards or enter a PIN, this approach not only streamlines the withdrawal process but also improves security by lowering the possibility of fraudulent activity.
Customers of any bank may use UPI capabilities like “Scan and Pay,” “Pay by contacts,” “Request money,” and more using the new Yono app.
The Yono app currently has over six crore registered users since its introduction in 2017. Yono helped acquire 78.60 lakh savings accounts in FY23 alone, which makes up 64% of total digital acquisitions. Customers from other banks may now join the Yono ecosystem and take advantage of its ease and advantages thanks to the improved version.
Dinesh Khara, the chairman of SBI, reaffirmed the bank’s dedication to providing cutting-edge digital banking products that give every Indian access to financial independence and ease.