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….Read More
Source By: livemint
