State Bank of India (SBI) subsidiary SBI Payments said that it will roll out the YONO Merchant App for offering low-cost digital payments infrastructure to merchants.

YONO Merchant App is expected to grow digitization of merchant payments in India, said SBI.

The Indian public sector bank aims to target 20 million potential merchants in retail and enterprise segment over the next couple of years. This is expected to increase the acceptance of digital payments infrastructure in tier 3, 4 and also north eastern cities, claimed the bank.

Giri Kumar Nair – MD and CEO of SBI Payments said: “We are aiming to grow our merchant touch points multi-fold crossing 5-10 million within 2-3 years. YONO SBI Merchant is a great enabler for retail and enterprise merchants offering a holistic product proposition to improve merchant engagement, user experience and convenience.”

The YONO SBI Merchant App will work as a soft point of sale solution (PoS solution).

SBI has joined forces with Visa to provide a feature called Tap to Phone in the app.

Dinesh Kumar Khara – Chairman of 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.”

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