SBI has targeted to digitize millions of shopkeepers in the next 2-3 years. (File Photo)
Businessmen will now be able to use their smartphone as a POS machine. State Bank of India (SBI) subsidiary SBI Payments is launching Yono Merchant App. This will help in digitalizing merchant payments across the country. Through the YONO Merchant App, millions of merchants will benefit, through which they will be able to take payments from customers in a digital way. SBI aims to add 2 crore shopkeepers across the country in the retail and enterprise segment in the next two years. It is the best infrastructure model for accepting payments at the least cost. SBI Payments has partnered with Visa for this.
Some time ago the central bank RBI asked to create a Payments Infrastructure Development Fund (PIDF) through which to arrange physical and digital point of sale (PoS) in areas of the country where it is not present. This initiative of SBI is as per RBI announcement. With this decision of SBI, shopkeepers will be able to change their NFC enabled Android smartphone as payment acceptance devices and they will be able to take payment only through a simple mobile app.
Mobile phone will work like a POS device
On the occasion of the launch of Yono Merchant App, SBI Chairman Dinesh Kumara Khara said that a target has been set to digitize millions of shopkeepers in the next 2-3 years. Their mobile phones will be upgraded as POS devices. Through this, they will help them to access value added services like GST invoicing, inventory management and loyalty. Apart from this, you will also be able to take the facilities of other banking products with just one click.
Use of vago growing rapidly
SBI is the largest bank in the country in terms of assets, deposits, branches, customers and employees. Apart from this, it is the largest mortgage lender in the country. SBI’s integrated digital and lifestyle platform YONO has crossed 7.4 million downloads, which means it has downloaded over 7.4 million downloads. It has 3.45 crore registered users and about 90 lakh logins occur every day. In the December 2020 quarter, SBI opened 1.5 million accounts through YONO. Apart from this, the bank issued a pre-approved personal loan of Rs 5300 crore in the December 2020 quarter through YONO.