On January 8, the State Bank of India (SBI) had issued a notice that it is going to upgrade the Unified Payment Interface (UPI) platform to give a better experience to its existing and new customers. The notice says that during the upgrade activity, the customer may face some issues related to UPI.
The bank suggested the use of other alternative platforms like YONO, YONO Lite, or net banking until the system gets upgraded.
Unified Payment Interface (UPI)
UPI is an immediate payment interface. It was developed by the National Payment Corporation of India. UPI helps in the instant transfer of the funds between the two bank account using a mobile phone.
What makes UPI a secure platform?
The UPI transaction is based on two-factor authentication with seamless one-click payment. This feature is directly connected with the UPI regulatory guidelines. Here, MPIN is used instead of OTP.
National Payment Corporation of India (NPCI) advisor, Nandan Nilekani, assures that the security is fool-proof with UPI as the transaction happens in a highly encrypted format.
SBI YONO App
'You Only Need One' is a digital service platform that gives direct access to multiple payment options to its users. It offers a large variety of financial services to its user.
The world's latest technologies have been used to build this advanced payment platform. With YONO the customer can have multiple fund transfers with just a few clicks.
Users can withdraw cash using the cardless withdrawal facility. Moreover, it gives a clear overview of the banking and financial portfolio of SBI affiliated groups and companies, which gives you rewards and points on shopping.
Access to YONO App is easy. One can use it through mobile phone android and IOS and on the web through a browser. It is a hassle-free and single-click payment platform.
