SBI plans to expand user base for Yono to 250 million in next 2 years
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State Bank of India (SBI) is planning to expand the user base for its Yono (you only need one) to 250 million in the next two years. The country’s largest lender is also planning to integrate Yono and buddy, its mobile wallet.
At present, 2.5 million users are registered under Yono, the digital platform offering financial services, lifestyle products and services of the SBI.
The bank has ambitious plans to push Yono, which was launched last year, and increase the user base to 250 million, SBI chairman Rajnish Kumar told mediapersons after launching Unified Payment Acceptance Solution MOPAD.
Using the Multi-Option Payment Acceptance Device (MOPAD), a customer will be able to make payments through cards, Bharat QRs, SBI Buddy (e-wallet) on a Point of Sale (POS) terminal.
Through Yono, customers can open an SBI bank account digitally, transfer funds, avail of pre-approved personal loan without any paperwork and get overdraft facility against fixed deposits.
Kumar said Yono is a separate platform, but will soon be integrated to the mobile wallet, Buddy. There is a lot of duplication of features and processes for having two separate offerings, which can be reduced to bring simplicity in use.
Recently, the SBI entered into a digital partnership with Reliance Jio to increase its digital customer base. SBI and Jio have a joint venture for payment bank — Jio Payments Bank — wherein Jio holds 70 per cent and the balance is with the SBI.
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