India’s largest public sector banking unit State Bank of India (SBI) has introduced a new service to enable card-less ATM cash withdrawals.
The service, called YONO Cash, is available through its digital banking platform YONO.
Go deeper with GlobalData
SBI card-less ATM cash withdrawals
Once the SBI customers initiate the cash withdrawal process on the YONO app, they will receive a six-digit reference number on their registered phone.
Subsequently, they can withdraw cash from any SBI ATM by providing the reference number along with their six-digit pin. The reference number will be valid for the next 30 minutes.
ATMs enabled for the service will be known as YONO Cash Point, the bank said.
The initiative is aimed at improving customer convenience as well as security of such transactions. It eliminates the risks of skimming and cloning of debit cards at ATMs.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAdditionally, the two-factor authentication further reduces possible associated risks for such transactions.
Currently, the card-less ATM cash withdrawal service is available at 16,500 ATMs. SBI will carry out minor upgrades to the remaining centres across the country to expand the availability of this service.
Currently, only debit card customers can avail the service. Based on the operational success, it may be expanded to include credit card customers in near future.
SBI chairman Rajnish Kumar told The Economic Times that the lender is also planning to make the technology available at vendor cash points, Point of Sale (POS) devices and micro-ATMs in the next phase.
