for yono I guess you will need a mobile with data connection and yono cash points like atm. Even if you can modify atm to work with yono app it doesn't make much sense. They already charge people for debit card service so they are not losing money on it.
Do banks have to pay visa, master ,rupay for atm withdrawal ?
Problem is Govt wants to eliminate all transaction charges on debit card transactions. So SBI being the smartguy went ahead and is thinking of getting rid of them entirely.
With debit card, only the ATM machine needs to have proper connectivity. With Yono… Customer needs to have a smartphone with internet plan. Phone should have battery life. Mobile internet should be working. Yono app should be working. SBI servers should be working. A lot of elements are involved. Anything failing would mean that the customer is not going to get cash.
If internet is banned… with debit card… at least the user can transact at retail stores. No such luck with Yono.
If customer loses his phone. He cannot take out money from the ATM. He cannot buy a new phone. SBI I guess expects him to visit a SBI branch with a self cheque to get cash taken out.
I faced similar situation recently when I had to deposit some cash in SBI bank. Their computers were not connecting so . I rushed to another branch nearby but it had bigger crowd waiting. 😳
When this happens in my other bank they will accept it say it will take some time to update in my account. But in SBI they take a break
yup. any sbi customer would confirm how much downtime they have everywhere on their platform. it is painful to get anything done. a small task like getting a passbook updated is a chore with this bank.
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