Yono cash has been launched in India by State Bank of India (SBI) YONO Cash was formally launched in Visakhapatnam, YONO Cash through which customers can withdraw money from ATMs without using a card, The YONO Cash available at over 16,500 SBI ATMs across the country
What is YONO cash ? How does the Cardless Cash Withdrawal work?
YONO mean : You only Need One is an integrated digital banking Platform offered by SBI First time in India.
This Cardless Cash Withdrawal process works with two-factor authentication and eliminates the risk of skimming and cloning. The customers have to set a 6-digit Yono PIN for withdrawing cash through the app .Once the process is initiated the customer will receive a 6-digit reference code via SMS, which will then have to be entered into a Yono Cash Point. The withdrawal must be completed within the next 30 minutes at an ATM using both the PIN and the reference number ATMs enabled with this service will be termed as Yono Cash Point.
This can help to eliminating the possible associated risks and also maximizes convenience and enhances the banking experience for its customers .