India’s largest bank State Bank of India (SBI) today announced the launch of YONO Cash using which customers can withdraw money from ATMs without using a card.
SBI chairman Rajnish Kumar said the new initiative will address concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks. “This feature on YONO is designed to help its users withdraw cash without a physical debit card," he said in a statement, adding that it also maximizes convenience and enhances the banking experience for its customers.
SBI said that transactions using YONO will be secured with two-factor authentication and will also eliminate the risk of skimming and cloning.
SBI customers can initiate the cash withdrawal process on the YONO app and set a six-digit pin for the transaction. They will also get a six-digit reference number for the transaction on their registered mobile numbers via SMS. The cash withdrawal has to be completed within the next 30 minutes at an ATM using both the PIN and the reference number.
ATMs enabled for this service will be termed YONO Cash Point, the bank said in a release.
"Through YONO, our endevaour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next two years," Kumar said.