YONO Digital Banking To Replace all SBI Debit Cards. SBI, in the near future, wants its consumers to get rid of their debit cards and use their mobile phones for withdrawing cash or making payments. Chairman of State Bank of India, Rajnish Kumar, said through the Yono platform, one can withdraw cash at the automated teller machines and can pay for purchases at a merchant establishment without having a card at all. Rajnish Kumar said, as of 2019, there are around 90 crore debit cards in the country as against 3 crore credit cards, and pointed out to digital solutions like it's own 'Yono' platform as the key for achieving a debit card-less country.
SBI has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a cardless transaction.
Additionally, the Yono platform can also give credit for buying certain merchandise, making the credit card in the pocket also as a "stand-by", Kumar said."In the next five years, there will be a limited need to have any plastic cards in your pocket", Kumar said, pointing out that virtual coupons are the future. Rajnish Kumar also mentioned that at present,i.e. 2019, the QR code is also a very inexpensive way of ensuring payments.