Making cash withdrawal services even more flexible and effortless, the largest lender State Bank of India (SBI) on Friday, introduced a new service which will help customers remove money from ATMs without using their debit card or credit cards. SBI through its YONO platform, launched a ‘YONO Cash’ for cardless withdrawal of cash, making SBI the first bank to offer such services in the banking system. An SBI customer can now remove money without using their card at over 16,500 SBI ATMs across the country. These ATMs will also be termed as YONO Cash Point.
From the move, SBI expects YONO Cash to enhance customer experience by virtue of its security feature and the convenience of cardless cash withdrawals.
On the launch, Rajnish Kumar, Chairman, SBI said, “YONO Cash is yet another step by the bank towards our goal of maximizing 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.”
Kumar added, “This feature on YONO is designed to help its users withdraw cash without a physical debit card. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years.”
Here’s how YONO Cash will help!
A customer 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.
Further, 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.
As on February 2019, YONO has over 18 million downloads with more than 7 million active users. It is the first comprehensive digital banking platform to offer customized products and services from 85 e-commerce players.