Mumbai: The State Bank of India (SBI) has enabled cardless ATM transactions which can be carried out with the help of the mobile application called You Only Need One (YONO). The aim of the move is to do away with the plastic ATM cards that are currently used by customers to withdraw cash and make payments. Also Read - In a first, Bihar’s Purnia Jail to Get ATM for Prisoners to Draw Cash
On the official Twitter handle, the State Bank of India tweeted that YONO SBI customers can book tickets worth Rs 500 or more through YONO and avail a Croma gift card. Also Read - These Banking Rules Change From August 1 | All You Need to Know
Through the YONO application, SBI is in enabling payment facilities at the point of sale (PoS) terminals. Currently, the cardless withdrawal facility will be available at 16,500 SBI ATM, said SBI chairman Rajnish Kumar during the launch of the Yono Cash service in Mumbai on Friday. Kumar added that the facility would soon be extended to all the 60,000 SBI ATM.
Customers availing the YONO app service need not share their PIN number. To withdraw the cash, customers have to set a six-digit PIN for the transaction. The YONO app also generates a one-time use PIN.
The six-digit reference number will be automatically shared to the customer through SMS. The transaction must be carried out within 30 minutes using both the PINs and the reference number. Kumar was quoted by Times of India as saying, “The initiative will also address the concern of using a debit card at ATMs for cash withdrawals by eliminating possible risks associated with it. Our ultimate objective is to do away with plastic.”