State Bank of India (SBI) along with the umbrella body of retail and digital payments National Payments Corporation of India (NPCI) join hands to launch a dedicated campaign to focus on deepening the reach of UPI transactions across all sections of the population.
This joint initiative aims at encouraging users of SBI’s banking and lifestyle platform YONO to opt for UPI payments that are easy, safe and instantaneous.
“In this FY, the YONO platform recorded 5.30 million transactions worth Rs 2086 crore. UPI is currently one of the most preferred digital payment modes in India with more than 207 banks linked to it. The State Bank of India (SBI) was leading the segment by processing about 664.75 million transactions, as of January 2021,” Ravindra Pandey, DMD (Strategy & Chief Digital Officer), SBI said.
Since its inception in 2017, YONO has observed 34 lakh UPI registrations with over 62.5 lakh transactions worth more than Rs. 2,520 crore at current daily average of nearly 27,000 transactions (in last 30 days).
Through this campaign both NPCI and SBI will put in efforts to onboard more customers into YONO platform and educate them about UPI’s benefits so that there are more and more UPI users in the ecosystem, a statement announcing the initiative said.
Praveena Rai, COO, NPCI said, “Customers just need to know their UPI ID and use it so they can enjoy the convenience of making or receiving payment from their YONO app to any other bank or payment app. With this campaign, we aim to witness increasing numbers of UPI users which is a step further towards less-cash economy.”