Lending major State Bank of India’s subsidiary SBI Payments on Saturday said it plans to deploy low-cost acceptance infrastructure ‘to expand the digitisation of merchant payments’ in the country. Accordingly, the company is launching ‘YONO Merchant App’.
“Aiming to enable millions of merchants through mobile led technology to accept digital payments, SBI plans 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,” it said in a statement. The launch, company said, 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.