SBI YONO: State Bank of India (SBI) has opened up its YONO app to non-SBI customers, allowing them to make payments using the app’s Unified Payments Interface (UPI) service. This move is seen as a direct challenge to the likes of Paytm and PhonePe, which are the two dominant players in the Indian UPI market.
With the YONO app, non-SBI customers can now make payments to merchants, transfer money to other bank accounts, and recharge their mobile phones. They can also use the app to pay for utility bills, book movie tickets, and shop online.
SBI is hoping that the YONO app will help it to tap into the growing number of non-SBI customers who are using UPI. In the first quarter of 2023, UPI transactions in India crossed the 5 billion mark. Of these, Paytm and PhonePe accounted for a combined market share of over 60%.
SBI’s entry into the UPI market is likely to heat up competition and could lead to lower fees for consumers. It will also be interesting to see how SBI integrates its other digital offerings, such as its YONO Lite app, with the YONO app.
Here are some of the benefits of using the SBI YONO app for non-SBI customers:
- You can make payments to merchants, transfer money to other bank accounts, and recharge your mobile phones.
- You can also use the app to pay for utility bills, book movie tickets, and shop online.
- The app is secure and easy to use.
- You can earn rewards and cashback when you use the app.
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