SBI new YONO merchant app aims to benefit 2 crore users. Know how it will work
SBI plans to deploy low-cost acceptance infrastructure across India over the next two years targeting 2 crore potential merchants To scale up infrastructure, SBI Payments has joined hands with Visa
State Bank of India (SBI) is all set to launch the YONO Merchant App to help millions of merchants in the retail and enterprise segment. The new platform will help the merchants to accept digital payments through mobile-led technology. "This is in line with RBI’s recent announcement of creating a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure (both physical and digital) in lesser penetrated areas of the country," the bank said in a statement.
Besides accepting payments, the users will also be able to access details of transactions, generate reports, upload transactions for processing via YONO Merchant App. The country's largest lender plans to deploy low-cost acceptance infrastructure across India over the next two years targeting 20 crore potential merchants.
To scale up infrastructure, SBI Payments has joined hands with Visa. "With several consumers and merchants coming online, seamless and secure digital payment experiences are essential to ensure they continue using digital payments," the lender said in a statement.
Launched three years ago, the YONO platform now has 3.58 crore registered users. YONO Merchant is a brand extension of this platform aiming to improve user experience and bringing convenience to our merchants, said Dinesh Kumar Khara, chairman, State Bank of India.
"In the next 2-3 years, we are aiming to digitise millions of merchants by upgrading their mobile phones into a PoS device accepting all form factors, accessing Value Added Services such as loyalty, GST invoicing, inventory management, etc and connecting into an interface to avail other banking products at a click of a button," Khara added.
"We are aiming to grow our merchant touchpoints multi-fold crossing 5-10 million within 2-3 years. YONO SBI Merchant is a great enabler for retail & enterprise merchants offering a holistic product proposition to improve merchant engagement, user experience and convenience," commented Giri Kumar Nair, managing director and chief executive officer, SBI Payments.