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Highlights
digitization of merchant payments.
SBI plan to deploy low-cost acceptance infrastructure across India.
New Delhi: SBI Payments, the Subsidiary of State Bank of India (SBI), the country s largest bank is launching YONO Merchant App to expand the digitization of merchant payments in the country.
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. The launch is in line with RBI’s recent announcement of creating a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure (both physical and digital) in lesser penetrated areas of the country. Merchants will now be able to turn their NFC enabled Android smartphones into payment acceptance devices through a simple mobile app, an SBI statement