SBI YONO payment app targets 250 million users in two years

Mumbai: State Bank of India (SBI) has set a target to increase the user base for its app YONO (You Only Need One) by 100 times to 250 million in two years, chairman Rajnish Kumar said on Wednesday. Speaking to reporters after launching its new payment solution on Wednesday, Kumar said registered users for YONO have reached 2.5 million. “For YONO, we have big plans and our target is very ambitious for the next two years,” he added.

Kumar said that while YONO operates independently from the bank’s mobile wallet Buddy, the lender plans to integrate them.

Meanwhile, Reliance Jio Infocomm Ltd and SBI recently tied up to provide a platform offering digital banking, commerce, and financial services to customers.

Reliance Industries Ltd and SBI already have a 70:30 joint venture, the Jio Payments Bank. With regard to the current tie-up, services would be provided through YONO, a digital banking app launched by the SBI.

SBI on Wednesday also launched its multi-option payment acceptance device (MOPAD). Under this, a customer will be able to make payments through cards, Bharat QR, UPI and SBI Buddy on a point of sale (PoS) terminal. The bank plans to roll out the integrated payments facility on all its devices in a phased manner.

India’s largest bank is also the largest PoS provider in the country with 6.23 lakh terminals deployed.

State Bank of India