State Bank of India (SBI), has partnered with the National Payments Corporation of India (NPCI), the country's umbrella organisation for retail and digital payments, to begin a dedicated initiative aimed at broadening the scope of UPI transactions to all segments of the population. This strategic partnership aims to encourage users of SBI's YONO banking and lifestyle platform to use UPI payments, which are simple, secure, and quick. Regarding the joint initiative, SBI's DMD (Strategy & Chief Digital Officer), Ravindra Pandey, said, "In this FY, the YONO platform recorded 5.30 million transactions worth ₹2086 crore. UPI is currently one of the most preferred digital payment modes in India with more than 207 banks linked to it. The State Bank of India (SBI) was leading the segment by processing about 664.75 million transactions, as of January 2021."
Praveena Rai, NPCI's COO, said about the UPI awareness campaign that "We are pleased to partner with SBI to strengthen the digital payments ecosystem by promoting UPI awareness among YONO users. Customers just need to know their UPI ID and use it so they can enjoy the convenience of making or receiving payment from their YONO app to any other bank or payment app. With this campaign, we aim to witness increasing numbers of UPI users which is a step further towards a less-cash economy. We at NPCI have always been promoting UPI among customers via multiple campaigns so that they have a hassle-free and cashless shopping experience with just a smartphone in their hands."
Both NPCI and SBI will use this initiative to onboard more customers into the YONO platform and apprise them about the benefits of UPI, resulting in a growing number of UPI customers in the country.