India’s largest Bank State Bank of India (SBI) has announced the launch of YONO Cash through which customers can withdraw money from ATMs without using a card.
This cardless cash withdrawal will address the concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks and also maximizes convenience and enhances the banking experience for its customers.
1. 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.
2. This Cardless Cash Withdrawal process works with two-factor authentication and eliminates the risk of skimming and cloning.
3. The cash withdrawal must be completed within the next 30 minutes at an ATM using both the PIN and the reference number.
4. The customers have to set a 6-digit Yono PIN for withdrawing cash through the Yono app.
5. ATMs enabled with this service will be termed as Yono Cash Point.