SBI's chairman Rajnish Kumar at a recent event revealed the bank's intentions to eliminate debit cards from the banking system in order to promote more of digital payments transactions. And for the same, he made it clear that SBI's Yono-like solutions would come in handy and facilitate the transition.
Yono app was introduced for cardless cash withdrawal by the bank few months ago and SBI customers using Yono app can make cash withdrawal without the card at SBI's ATMs referred as Yono cashpoints. Also, the bank announced plans to scale up the presence of these dedicated ATMs to 10,00,000 in a matter of just 18 months such that cash withdrawal transactions can be executed at SBI Yono cashpoints just by using one's smartphones. It is noteworthy that other banks including the likes of HDFC Bank, Axis Bank, ICICI Bank among others are also providing a similar facility.
The facility of cardless cash withdrawal will also curb the increasing incidence of card cloning and skimming.
How to make cardless cash withdrawal at SBI's Yono Cashpoints?
With access to SBI Yono app which can be downloaded on both Android as well as iOS powered devices, and over the web via a browser, you can make safe withdrawals at Yono Cashpoints that are secured with 2-factor authentication.
Process of cardless withdrawal at SBI's Yono cashpoints via Yono app
- You need to have Yono app installed on your mobile.
- After the app is downloaded, you need to configure a 6-digit Yono Cash Pin for carrying out transactions.
- Now as and when you initiate a cash withdrawal transaction, you will receive another 6-digit reference number on your registered mobile number through an SMS for the transaction.
- This unique reference number received by you has a validity of just 30 minutes and you need to key it in along with the PIN at Yono Cashpoints for cardless withdrawal.