Over the next two years, SBI aims to deploy low-cost acceptance infrastructure across India.
This is to target two crore potential merchants across the retail and enterprise segments.
Hence, to expand the digitisation of merchant payments in the country, SBI Payments is set to launch YONO merchant app.
Moreover, this will help millions of merchants have access to digital payments.
Merchants will also be able to access details of transactions, generate reports, and upload transactions for processing through SBI’s mobile app.
Further, YONO Merchant is a brand extension of this platform and plans are to improve user experience, ensuring convenience to merchants.
The strategy in the next three years is to digitise millions of merchants by upgrading their mobile phones into a PoS device.
This involves access to value-added services like loyalty, GST invoicing, inventory management, and connecting into an interface to avail other banking products.
The company plans to grow its merchant touch points multi-fold exceeding 5-10 million within two to three years.
SBI has also partnered with Visa, on the ‘Tap to Phone’ feature.
It intends to give the necessary boost to increase acceptance infrastructure across the country.
Currently, major competitors in the market include Paytm, Google Pay and PhonePe among many others.
However, these apps lack penetration into Tier 3 and Tier 4 cities.
India’s smartphone base is set to reach 820 million over the next two years as per reports.
As a result, this will lead to expansion of both SBI and Visa.
Check all the recent news updates and share market updates