The State Bank of India, the country’s largest lender, is hoping to eliminate debit cards and move to its Yono app for ATM withdrawals and point-of-sale purchases.
“It is our wish to eliminate the debit cards, and [I] am sure we can eliminate them,” SBI chairman Rajnish Kumar said Monday at Fibac, a banking forum organized by the Indian Banks’ Association and the Federation of Indian Chambers of Commerce and Industry, according to a report in India Today.
More than 20% of the country’s population banks with SBI, which plans to promote digital payment solutions and end the reliance on plastic cards.
With the aid of the lender’s Yono platform, customers can withdraw cash at ATMs or pay for purchases at a merchant establishment, without having a card at all, said Kumar. The SBI has already set up 68,000 Yono cash points across the country and plans to have 1 million within the next 18 months.
As a result of the massive scaling of the Yono service, plastic cards will become redundant, said the bank chairman.
Topics: ATM & Mobile Banking, Software