‘Gamechanger’: SBI YONO app for all. How non-SBI accountholders can make UPI payments using yono
SBI allows any bank customer to use its YONO app for UPI payments, expanding access to digital payments and promoting financial inclusion
The State Bank of India (SBI) has recently allowed any bank customer to use its YONO app for United Payments Interface (UPI) payments. With ‘YONO for Every Indian’, now any Bank customer will have access to UPI features like Scan and Pay, Pay by contacts, and request money, among others on YONO’s new avatar. This milestone upgrade further expands SBI's commitment to providing inclusive and customer-centric digital banking services to every Indian citizen, the lender said earlier this month.
SBI allowing non-account holders to use the Yono app for making UPI payments, is a significant game changer , as there are many customers who trust a "Bank" brand more than "Tech" brands. This will drive adoption further, especially around the senior citizen demographic, where the Bank brand is essential for undertaking financial transactions. This is also a great move by the Bank towards the acquisition of non-account holders," said Vivek Iyer, Partner, Grant Thornton Bharat.
Any customer can now enjoy the convenience of linking any bank account and the efficiency of instant payments, fund transfers, and other UPI features via YONO app. This widens the accessibility of digital payments and promotes financial inclusion by reaching a more extensive user base.
Impact on UPI apps
While SBI's decision expands access to UPI, it is unlikely to pose a direct challenge to popular UPI apps. These apps have established themselves as popular choices with extensive user bases and comprehensive services beyond UPI transactions. Moreover, UPI apps provide a range of additional features such as bill payments, merchant transactions, and cashback rewards, which may continue to attract users even if they can access UPI via the YONO app,' said Anup Nayar, CEO- Domestic, In- solutions global ltd.
Payment service providers may view SBI's move as a positive step toward enhancing UPI adoption and driving digital payment growth. It can stimulate competition, leading to innovation and improved services within the UPI ecosystem. Additionally, it may encourage other banks and financial institutions to follow suit, further expanding the reach of UPI-enabled services, said Anup Nayar, CEO- Domestic, In- solutions global ltd.
Steps to use SBI YONO for UPI payments for non-SBI users
- Download the SBI YONO mobile banking app. It is available on both Google Play Store and the App Store.
- You will see an option 'New to SBI' and 'Register Now’.
- Non-SBI account holders can click on 'Register Now'.
- On the next page, you will see an option to 'Register to Make UPI Payments'.
- Choose the SIM registered with your bank account.
- Once your number is verified, select your bank to create a UPI ID. You can either type your bank name or select it from the list.
You will get a message confirming that your registration for SBI Pay has started.
- Now, you have to create an SBI UPI handle, SBI will provide you with 3 ID options. You have to choose one.
- Once you have selected a UPI ID, you will get a message confirming that you have successfully created an SBI UPI handle.
- You have to set an MPIN to log in to your account.
- You need to set a six-digit permanent MPIN of your choice to log in to your account.
- After you set an MPIN, you can start using YONO SBI app for making UPI payments.
Since its launch in 2017, YONO, the digital face of the Bank, has emerged as one of the most trusted mobile banking apps in the country with over 6 Crore registered users.In FY23 itself, 64% or 78.60 Lakh savings accounts were acquired digitally through YONO. The upgraded version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family.
With the rollout of the Interoperable Cardless Cash Withdrawal facility, both the customers of SBI and other banks can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the 'UPI QR Cash' functionality. The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. Users can conveniently withdraw cash by employing the Scan and Pay feature available on their UPI application.
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Business NewsMoneyPersonal Finance‘Gamechanger’: SBI YONO app for all. How non-SBI accountholders can make UPI payments using yono
First Published:17 Jul 2023, 08:25 AM IST
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