SBI to discontinue debit cards, users will need to move to YONO
New Delhi, Aug 20: SBI, one of the largest lenders in the country has decided to do away with debit cards from the banking system in order to promote digital modes of payment. Yes, the State Bank of India has penned down plans to get rid of the plastic debit cards in the future to withdraw cash out of ATM machines. This news is sure to cause a hiccup.
Chairman Rajnish Kumar stated that they were quite sure about the elimination of the cards. He asserted that there are around 90 crore debit cards in the country against 3 crore credit cards.
He pointed out to digital solutions like SBI owned 'Yono' platform as a way to move toward digitization. A Yono platform helps in the withdrawal of cash at the ATM or pay for purchases at a merchant establishment without owning a card.
Ever since it was introduced, SBI also rolled out almost 68,000 Yono cash points and which will rise to 1 million cash points in the next 18 months, across the country, which are basically ATM outlets that can support digital ATM transactions.
In the future, plastic cards will be a need of the past and virtual mode of payment will gain momentum. Kumar stated that the QR code has become one of the most common modes of transactions.
SBI introduced its YONO service for its customers not long ago in the country. Wonder what's YONO?
Well, it stands for 'You-Only-Need-One' and is SBI's online service for digital banking and services. With YONO, SBI customers can basically access all of their card services digitally.
How to withdraw cash with SBI's Yono platform:
- Login to Yono app/portal.
- Choose YONO Cash option from Quick links or under YONO Pay. You will be redirected to YONO Cash landing page.
- On YONO Cash landing page, you can find the nearest YONO Cash Points by clicking on the 'Nearest YONO cash Points'.
- For cash withdrawal, select 'Request YONO Cash'. This will take you to a new page where you need to first select the account to be debited. Enter the amount to be withdrawn.
- Please note that one can withdraw a maximum amount of Rs.10,000 per transaction and maximum amount of Rs.20,000/- per account, per day from ATM.
- Select ATM as the delivery channel. On the next page, you need to create YONO Cash PIN for the transaction. You can see this PIN only on the screen of your device at the time of the creation. It won't be shared through other means with you.
- 'Review' your transaction details, and after agreeing on Terms & Conditions, click on 'Confirm' button.
- Find the nearest YONO Cash Points to withdraw the cash by clicking on the 'Nearest YONO cash Points'. At the YONO Cash enabled State Bank ATM /Recyclers (YCP), you can withdraw cash with the help of the PIN.