SBI and NPCI launch UPI awareness campaign for YONO users
By Leandra Monteiro
State Bank of India (SBI) and the umbrella body of retail and digital payments National Payments Corporation of India (NPCI) have joined forces to launch a dedicated campaign to focus on widening the reach of UPI transactions across all sections of the country’s population. This joint effort aims at encouraging users of SBI’s banking and lifestyle platform YONO to opt for UPI payments which is easy, safe and instantaneous.
According to SBI, YONO since its inception in 2017, has observed 34,00,000 UPI registrations with over 62,50,000 transactions worth more than INR 25.2 billion at current daily average of nearly 27,000 transactions (in last 30 days). Through this new 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 as to increase the 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.”
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