SBI Payments to launch YONO Merchant App
SBI Payments, a subsidiary of India's largest lender State Bank of India, is set to launch YONO Merchant App that will provide low-cost digital payments infrastructure to merchants. "Aiming to enable millions of merchants through mobile-led technology to accept digital payments, SBI plans to deploy low-cost acceptance infrastructure across India over the next two years, targeting 20mn potential merchants across India in retail and enterprise segments."
The move will help boost digital payments acceptance infrastructure in Tier III as well as Northeastern cities. YONO SBI Merchant will act as a soft PoS solution for which it has partnered with global payments technology major Visa to enable Tap to Phone feature.
Currently YONO has 35.8 mn registered users and in the next 2-3 years, SBI would 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.