Chandigarh, February 23 , 2021: SBI Payments, the Subsidiary of State Bank of India (SBI), the country's largest bank is launching YONO Merchant App to expand the 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.

The launch is in line with RBI’s recent announcement of creating a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure (both physical and digital) in lesser penetrated areas of the country. Merchants will now be able to turn their NFC enabled Android smartphones into payment acceptance devices through a simple mobile app.

Speaking on the launch Shri Dinesh Kumar Khara, Chairman SBI said,” It gives me immense pleasure to announce the launch of YONO SBI Merchant app by our Digital Payments subsidiary SBI Payments. The Bank launched YONO Platform three years ago, YONO, has 35.8 million registered users. YONO Merchant is a brand extension of this platform aiming to improve user experience and bringing convenience to our merchants. In the next 2-3 years, we are aiming to 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, etc and connecting into an interface to avail other banking products at a click of a button.”