The subsidiary of State Bank of India (SBI), SBI Payments will launch YONO Merchant App. This is to expand the digitisation of merchant payments in the country.
SBI Payments will deploy low-cost acceptance infrastructure across India over the next two years targeting 20 million potential merchants across India in the retail and enterprise segment.
Dinesh Kumar Khara, Chairman SBI said, “YONO Merchant is a brand extension of this platform aiming to improve user experience and bring convenience to our merchants. In the next 2-3 years, we are aiming to digitise millions of merchants by upgrading their mobile phones into a Point of Sale (PoS) device accepting all form factors, accessing value added services such as loyalty, GST invoicing, inventory management, etc and connecting into an interface to avail other banking products at a click of a button.”
Giri Kumar Nair, MD and CEO, SBI Payments said, “SBI Payments is at forefront of innovation bringing state of the art products for our customers. We are aiming to grow our merchant touchpoints multi fold crossing 5-10 million within 2-3 years.”
About the application:
Merchants will now be able to turn their NFC-enabled android smartphones into payment acceptance devices through a simple mobile app.
Upgrading mobile phones of merchants into a PoS device
- Accepting transactions,
- Accessing value-added services such as loyalty, GST invoicing, inventory management, etc.
SBI partnered with Visa on the Tap to Phone feature. It aims to give the necessary boost to scale up acceptance infrastructure across the country.
Merchants will also be able to access details of transactions, generate reports, upload transactions for processing etc. via SBI’s mobile application besides accepting payments on their mobile device.
