Chandigarh (Aditi) : Country’s largest lender State Bank of India (SBI) and 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 which is easy,
safe and instantaneous.
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
on-board more customers into YONO platform and educate them about UPI’s benefits so
that there are more and more UPI users in the ecosystem.
Ms. Praveena Rai, COO, NPCI said, “We are pleased to partner with SBI to strengthen the
digital payments ecosystem by promoting UPI awareness among YONO users. 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. We at NPCI has always been promoting UPI among customers
via multiple campaigns so that they have a hassle-free and cashless shopping experience
with just smartphone in their hands.”
Mr. Ravindra Pandey, DMD (Strategy & Chief Digital Officer), SBI said, “UPI has been
witnessing a strong month-on-month growth which is a testament of customers’ willingness
to adopt digital payments. 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.”