State Bank of India’s (SBI) subsidiary -- SBI Payments is planning to launch YONO Merchant App to provide low-cost digital payments infrastructure to merchants. YONO Merchant App will expand digitization of merchant payments in 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 northeastern cities.
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 partnership aims to give the necessary boost to scale up acceptance infrastructure across the country.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
