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Developer(s) | IBM |
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Initial release | 24 November 2017 |
Platform | Android iOS |
Available in | English |
Type | Payment |
YONO (You Only Need One) is an integrated digital banking platform offered by State Bank of India (SBI) to enable users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments. [1] YONO is offered as a mobile banking app for both Android and iOS. [2]
The launch of YONO had a code name project Lotus.
Yono emerged from SBI's initial plan to make an "online marketplace" to attract millennials. [3] The initiative was named "Project Lotus". It was nurtured for initial four years by Rajnish Kumar as an MD and then as the Chairman of bank. [3] The app was launched in November 2017. [3]
YONO offers services from over 100 e-commerce companies including online shopping, travel planning, taxi booking, train booking, movie ticket booking, online education and offline retail with special discounts. [4] YONO also offers conventional mobile banking services such as bank account opening, fund transfers, cashless bill payments, and loans. The smartphone app can be used to make ATM withdrawals without using any ATM card through "Yono Cash" feature. [5] As of October 2021, the app had emerged as the largest digital lender in India generating an average of Rs 1500-2000 crores loans per month. [3] On 2 July 2023, a new version of Yono app was launched with the introduction of a new UPI feature which enabled other bank customers to use the app for UPI payments. The update also brought QR scanning and pay-by-contact UPI functionalities. [6]
Yono Lite is a mobile banking application from the State Bank of India. [7] [8] Earlier, it was available as "SBI Anywhere Personal" but it was rebranded as "Yono Lite" in 2018, after the introduction of YONO app. [9] In 2021, Yono Lite saw several updates to protect its users from digital frauds. [10]
Yono Business mobile app is available on Play Store and App Store for Corporate Internet Banking users. [11]
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
President's Choice Financial, commonly shortened to PC Financial, is the financial service brand of the Canadian supermarket chain Loblaw Companies.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
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RuPay is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) in 2014. It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial and JCB to enable the RuPay Card scheme to gain international acceptance.
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MauBank is a bank headquartered in Ebene CyberCity, Mauritius. It is licensed as a commercial bank by the Bank of Mauritius, the country's central bank and the nation's banking regulator. MauBank is the third largest bank in Mauritius. It offers a full range of financial services to private and corporate clients, wealthy individuals, companies, public and financial institutions. The activities are divided into different business lines: Retail & Private Banking, Corporate Banking, International Banking, Wealth Management, Insurance services, SME Banking and Leasing. MauBank maintain a network of 19 branches, including one in Rodrigues island, the bank also provides basic banking services across the 102 Post offices operated by Mauritius Post Ltd. MauBank is wholly owned by the Government of Mauritius, as at 2019 the government announced its intention of finding a strategic partner to expand the activities of the bank. MauBank's strategic decisions are taken by its board of directors, headed by the chairman. Premchand Mungar is the chief executive officer.
Unified Payments Interface, commonly referred as UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). Indian Banks started making their UPI-enabled apps available on the Google Play on 25 August 2016.
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