SBI Payments, a subsidiary of India’s largest lender State Bank of India, will launch YONO Merchant App to provide low-cost digital payments infrastructure to merchants, the bank said on Saturday. YONO Merchant App will expand digitisation of merchant payments in the country, SBI said in a release.
YONO SBI Merchant will act as a soft PoS (point of sale) solution for which it has partnered with global payments technology major Visa to enable Tap to Phone feature. The partnerships aim to give the necessary boost to scale up acceptance infrastructure across the country.
Aiming to enable millions of merchants through mobile-led technology to accept digital payments, SBI plan to deploy low-cost acceptance infrastructure across India over the next two years targeting 20 million potential merchants across India in retail and enterprise segment.” This will help boost digital payments acceptance infrastructure in tier 3, 4 as well as north eastern cities.
“It gives me immense pleasure to announce the launch of YONO SBI Merchant app by our digital payments subsidiary SBI Payments. The Bank launched YONO Platform three years ago, YONO, has 35.8 million registered users. YONO Merchant is a brand extension of this platform aiming to improve user experience and bringing convenience to our merchants,” Dinesh Kumar Khara, the Chairman of SBI, said.
Khara said in the next 2-3 years, SBI is aiming to digitize millions of merchants by upgrading their mobile phones into a PoS device accepting all form factors, accessing Value Added Services such as loyalty, GST invoicing, inventory management, among others and connecting into an interface to avail other banking products at a click of a button.
The partnership aims to give the necessary boost to scale up acceptance infrastructure across the country, SBI said. “We are aiming to grow our merchant touchpoints multi-fold crossing 5-10 million within 2-3 years. YONO SBI Merchant is a great enabler for retail and enterprise merchants offering a holistic product proposition to improve merchant engagement, user experience and convenience,” Giri Kumar Nair, MD& CEO, SBI Payments said.