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Home >Industry >Banking >SBI and NPCI launch UPI awareness campaign for YONO users

Mumbai: Country’s largest lender State Bank of India (SBI) and the umbrella body of retail and digital payments National Payments Corporation of India (NPCI) join hands to launch a dedicated campaign to focus on deepening the reach of UPI transactions across all sections of the population. This joint initiative aims at encouraging users of SBI’s banking and lifestyle platform YONO to opt for UPI payments which is easy, safe and instantaneous.

“In this FY, the YONO platform recorded 5.30 million transactions worth 2086 crore. UPI is currently one of the most preferred digital payment modes in India with more than 207 banks linked to it. The State Bank of India (SBI) was leading the segment by processing about 664.75 million transactions, as of January 2021," Ravindra Pandey, DMD (Strategy & Chief Digital Officer), SBI said.

“We are pleased to partner with SBI to strengthen the digital payments ecosystem by promoting UPI awareness among YONO users. Customers just need to know their UPI ID and use it so they can enjoy the convenience of making or receiving payment from their YONO app to any other bank or payment app." said Praveena Rai, COO, NPCI.

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Since its inception in 2017, YONO has observed 34 lakh UPI registrations with over 62.5 lakh transactions worth more than 2,520 crore at current daily average of nearly 27,000 transactions (in last 30 days). Through this campaign both NPCI and SBI will put in efforts to on-board more customers into YONO platform and educate them about UPI’s benefits so that there are more and more UPI users in the ecosystem.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI - YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day.

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country.

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