SBI Alert! State Bank of India, NPCI join hand for YONO users

SBI YONO: State Bank of India (SBI) and the umbrella body of retail and digital payments National Payments Corporation of India (NPCI) have joined hands to launch a dedicated campaign to focus on deepening the reach of UPI transactions across all sections of the population. This joint initiative aims at encouraging users of SBI’s banking and lifestyle platform YONO to opt for UPI payments which are easy, safe and instantaneous.

Speaking on the joint initiative Ravindra Pandey, DMD (Strategy & Chief Digital Officer), SBI said, “UPI has been witnessing a strong month-on-month growth which is a testament of customers’ willingness to adopt digital payments. In this FY, the YONO platform recorded 5.30 million transactions worth Rs 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.”

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Commenting upon the UPI awareness initiative Praveena Rai, COO, NPCI said, “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.”