To offer low-cost digital payments infrastructure to merchants, SBI Payments, a subsidiary of India’s largest lender State Bank of India will launchYONO Merchant App, the bank said on Saturday.
“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,” as per reports.
YONO SBI Merchant will serve as a soft PoS (point of sale) solution for which it has collaborated with major Visa global payment technologies to allow Tap to Phone features.
“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,” Giri Kumar Nair, MD& CEO, SBI Payments said.
SBI said the launch of YONO Merchant is in line with the recent decision by RBI to create a Payments Infrastructure Development Fund (PIDF) to enable acquirers to implement physical and digital Point of Sale (PoS) infrastructure in the country’s less penetrated regions.
SBI collaborated with Visa on the Tap to Phone feature, which aims to provide the requisite boost to scale up acceptance infrastructure across the country.