State Bank of India (SBI), the largest public sector bank in the country, has launched a new service for its customers.
Now, both SBI and non-SBI customers can conveniently make Unified Payment Interface (UPI) payments through the bank’s digital banking app called YONO.
The bank has released an updated version of the YONO app, enabling customers from any bank to perform UPI transactions.
This means that having an account with SBI is no longer a requirement to make UPI payments using the YONO app.
In order to attract customers from other banks, SBI made the decision to extend UPI payment facilities to non-SBI account holders via the YONO app.
Consequently, using YONO will become a game changer for non-SBI customers.
How to Use YONO for UPI Payments?
Follow these step by step guide to do UPI Payment using YONO App.
1) Download the SBI YONO app on your mobile device. Select the “New to SBI” option and proceed to register.
2) Choose your mobile number linked to your bank account. Verify your mobile number, after which you’ll need to create your UPI ID.
3) Select your bank once your UPI ID is created. Register on SBI Pay and complete the verification process.
4) Create your UPI handle and select the UPI option. Log in to your account and set your MPIN.
5) After setting up your MPIN, you can use SBI YONO for UPI payments.
Impact on other UPI Apps
As the largest public sector bank with millions of account holders nationwide, SBI’s decision will undoubtedly have an impact on other digital payment apps.
With the option of using YONO now available to customers of various banks,
many people may choose to utilize the bank’s app instead of relying solely on tech company applications.
