YONO 2.0: State Bank of India will soon launch YONO 2.0 in the form of Google Pay. The bank is working fast in this regard.
Note that customers do not have to be a State Bank of India customer for the services of YONO 2.0. All Indians will be able to avail the services of YONO 2.0.
On March 16, 2019, State Bank of India’s YONO app was launched for digital banking. State Bank customers are offered e-commerce services including digital banking in this app. YONO Cache is a unique feature available in the YONO app. It enables an account holder to withdraw money instantly from any SBI ATM in India and most SBI merchant POS terminals or customer service points (CSPs), without using a physical card or filling out a physical withdrawal slip.
YONO users simply need to login to the YONO platform and use the YONO Cache feature to create a reference number and a dynamic PIN for cash withdrawals. The customer can then use it to complete the transaction and withdraw / receive cash from ATM, POS terminal or any channel from CSP.
It allows customers to withdraw cash from ATM, POS or CSP even if they forget their wallet at home and only carry their phone. YONO cash transactions are calculated free of charge and above and above ATM withdrawals. It is environmentally friendly and eliminates the use of plastic cards.
It is safe and eliminates all the risks associated with the card. There is no risk of shoulder surfing, card trapping, card skimming risk or losing card / PIN. PINs are created dynamically for each transaction.