The State Bank of India (SBI) has become the first bank in the country to offer cardless cash withdrawal through the YONO app from around 16,500 of its ATMs termed as 'YONO Cash Points'.
Cardless withdrawals eliminate the risk of skimming and cloning, SBI said. This should increase YONO Cash's appeal among users, the bank added.
Here's how you can withdraw cash using the YONO app:
The cash withdrawal process through the service consists of two-factor authentication, which customers can initiate by installing the YONO app and setting a PIN for the transaction.
Apart from Android and iOS-powered mobile phones, the app can also be accessed via the YONO website.
After the cash withdrawal process is initiated, customers will get an SMS with a six-digit reference number for the transaction on their registered mobile number which has to be used at the ATM within 30 minutes along with the PIN to get the cash.
Launching the app, SBI Chairman Rajnish Kumar said, “YONO Cash is yet another step by the bank towards our goal of maximising convenience and enhancing banking experience for our customers. The initiative will also address their concern of using the 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. Through YONO, our endeavour is to create a digital universe by integrating the entire transactions ecosystem under one platform in the next 2 years.”