On February 20, 2021 SBI Payment Services Pvt. Ltd launched YONO Merchant App to expand the digitization of merchant payments in India. Through the app, merchants can turn their Near Field Communication (NFC)-enabled Android smartphones into payment acceptance devices.
i.It is a brand extension of State Bank of India(SBI)’s YONO(You Only Need One) platform.
ii.SBI has also partnered with Visa on the Tap to Phone feature to boost acceptance infrastructure across India .
Aim:
- To provide low-cost digital payments infrastructure to merchants
- To enhance user experience and bring convenience to the merchants
Note: The launch is in line with RBI’s recent announcement to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure (both physical and digital) in low penetration areas of the country
YONO Merchant App
In addition to accepting payments through the app, merchants can also get access to the details of transactions, generate reports, and upload transactions for processing, among others
SBI to Deploy low-cost acceptance infrastructure across India
SBI intends to deploy low-cost acceptance infrastructure across India over the next 2 years, targeting 20 million potential merchants across India in the retail and enterprise segment.
Purpose– To enable merchants to accept digital payments through mobile-led technology,
Benefit– It will help to enhance the digital payments acceptance infrastructure in tier 3, 4 and in north eastern cities.
YONO Platform:
Launch– 2017
Purpose– The integrated digital banking platform enables users to access to a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments
Registered users– About 35.8 million
Recent Related News:
On November 11, 2020 HDFC Bank in Partnership with Visa launched ‘SmartHub Merchant Solutions 3.0’, India’s first comprehensive banking and payment solution for merchants.
About SBI Payment Services Pvt. Ltd:
i.It is a Joint Venture(JV) between State Bank of India(SBI) and Hitachi Payment Services Pvt. Ltd.
ii.SBI became the 1st public sector bank to form an exclusive JV for merchant acquiring business and commence the journey to create a state-of-the-art acceptance ecosystem in all geographies of the country and enable the merchants to accept payments digitally across various form factors.
Chairman– Swaminathan Janakiraman
MD & CEO– Mr. Girikumar M Nair
Headquarters- Mumbai, Maharashtra
