State Bank of India has launched cardless withdrawal of cash at over 16,500 of its ATMs through the Yono mobile app platform for the first time in the country.
“The ATMs enabled for this service will also be termed as Yono Cash Point. Customers can initiate the cash withdrawal process on the Yono app and set a six digit Yono Cash pin for the transaction. They will also get a six digit reference number for the transaction on their registered mobile number via SMS,” the bank said.
The cash withdrawal has to be completed within the next 30 minutes at the nearest Yono Cash point using both PIN and the reference number received.
Rajnish Kumar, Chairman, SBI, 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.
As of February 2019, Yono has over 18 million downloads with seven million plus active users. “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. SBI is all set to launch more features on Yono in coming years to make customers’ life easier,” Kumar said.
The bank has the largest network of 22,000 branches in India and an ATM/CDM network of over 58,000.
The number of customers using internet banking facility are close to 5.73 crores and mobile banking services stand at 1.32 crores. Downloads for Yono are over 18 million, with more than 10 lakh logins per day.