State Bank of India or SBI has launched a new card-less cash withdrawal feature for their customers. Now, SBI customers can withdraw cash using one single app!
YONO Cash: Card-less ATM Withdrawal
Named as YONO Cash, this is a new feature from SBI to push card-less transactions in ATMs.
Step 1: Install YONO App on your Android or iPhone
Step 2: When you require cash to be withdrawn, then put across a request on the app
Step 3: You will get a unique 6-digit registration number, which will be valid for 30 minutes.
Step 4: Visit the nearest SBI ATM or YONO Cash points, and use that PIN to withdraw the case you want.
Step 5: The customer will also get a confirmation of the cash withdrawal via SMS.
YONO Cash facility is available across 16,500 SBI ATMs, pan-India. Besides the 6-digit registration number, the user will be also required to enter the YONO App PIN for cash withdrawal.
Hence, YONO Cash is based on 2-step authentication, which makes the entire process safe and secured.
Advantages of YONO Cash
Cases of ATM Skimming is on the rise, wherein fraudsters clone and steal your debit card details, and then withdraw cash from your account.
YONO Cash will help to solve this issue, as SBI customers are no longer required to take their debit cards to the ATM for cash withdrawal.
SBI Chairman Rajnish Kumar said, “YONO Cash will also address the concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it. This feature is designed to help users withdraw cash without a physical debit card.”
Cash Withdrawal Without Debit Cards: The New Trend?
Before SBI, a company named AGS Transact Technologies had introduced a unique, and innovative cash withdrawal mechanism without using any debit card.
This new method uses UPI 2.0 features to enable cash withdrawal.
Using a mobile app, the user is required to scan a QR code inside the ATM, after which, the required cash can be withdrawn, without using any debit card.
Now, as SBI has unleashed this new feature of card-less cash withdrawal, we can expect other banks to follow suit.
