SBI launches cardless ATM withdrawals with YONO Cash

India’s first integrated Omni-channel banking and lifestyle platform launched ‘YONO Cash’ for card less withdrawal of cash at over 16,500 SBI ATMs across the country. The launch of YONO Cash makes SBI the first bank to offer this service in the industry. The ATMs enabled for this service will also be termed as YONO Cash Point. Customers 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. 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. It is the first comprehensive digital banking platform to offer customized products and services from 85 e-commerce players. As of February, 2019, YONO has over 18 million downloads with 7 million + active users.

YONO can be accessed through Android and iOS powered mobile phones, and on the web through a browser, allowing for a seamless omni-channel customer experience. Speaking 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. This feature on YONO is designed to help its users withdraw cash without a physical debit card.”