The State Bank of India (SBI) has recently launched an innovative feature called Interoperable Cardless Cash Withdrawal (ICCW) through its YONO mobile application. This new capability allows customers from any bank in India to utilize the app to access the UPI payment system and request cash withdrawals.
In a press release issued on July 2nd, SBI announced that the YONO app’s “YONO for Every Indian” initiative would provide UPI functionalities to every bank user. These functionalities include features such as Scan and Pay, Pay by contacts, and Request money, among others. By enabling these features, SBI is demonstrating its commitment to providing comprehensive and customer-centric digital banking services to all Indian citizens.
With the introduction of ICCW, customers can now withdraw cash from any bank’s ICCW-enabled ATMs without the need for a physical debit card or PIN. The transaction process involves a single-use dynamic QR code that is displayed on the ATM screen. By scanning the QR code through the YONO app, customers can complete the cash withdrawal securely and conveniently.
Dinesh Khara, the Chairman of SBI, also announced the establishment of 34 transaction banking hubs across the top 21 district centers in the country. These hubs aim to provide integrated solutions for all transaction, payment, and collection needs under one roof, further enhancing SBI’s commitment to customer convenience and satisfaction.
Speaking about the revamped YONO app, Chairman Dinesh Khara stated, “The YONO app has been redesigned to provide our customers with a seamless and enjoyable digital experience. This update aligns with our mission of making the ‘YONO for Every Indian’ initiative a reality.”
The introduction of the ICCW facility not only streamlines the cash withdrawal process but also enhances customer security by eliminating the need for physical handling of debit cards or entering PINs. This feature reduces the risks associated with shoulder surfing and card cloning. By offering a convenient and secure digital channel for cash withdrawals, customers can enjoy quick and hassle-free banking experiences. SBI’s continuous efforts to strengthen its digital platforms highlight the bank’s commitment to providing cutting-edge and customer-centric solutions.
SBI’s introduction of the Interoperable Cardless Cash Withdrawal facility through the YONO app demonstrates the bank’s dedication to leveraging technology to enhance customer convenience and security. By embracing innovative solutions, SBI continues to lead the way in the digital banking landscape, offering its customers seamless and user-friendly experiences.
