New Delhi: 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,” an SBI statement said.
SBI partnered with Visa, on the Tap to Phone feature, which aims to give the necessary boost to scale up acceptance infrastructure across the country.
With a number of consumers and merchants coming online, seamless and secure digital payment experiences are essential to ensure they continue using digital payments. While the State Bank of India has focused on providing innovative, best-in-class banking services and inclusion of new-to-digital merchants and customers, Visa continues to simplify payments with products like tokenization, SBI said.
With India’s smartphone base expected to reach 820 million in the next two years, both SBI and Visa firmly believe there is a tremendous opportunity to augment them as payment acceptance devices. Following the deployment, merchants will also be able to access details of transactions, generate reports, upload transactions for processing etc. through SBI’s mobile application besides accepting payments on their mobile device.