New Delhi | Updated: 19 Aug 2019, 11:35 PM IST | 5 Minute Read |

If all goes well and the apex bank State Bank of India is able to complete its mission, then the day is not far when plastic debit cards might become obsolete. The bank plans to eliminate debit cards as it moves ahead with its campaign to promote digital payments and transactions through its YONO platform.

No Debit cards in the future?

SBI chairman Rajnish Kumar has reportedly said the in the next half decade there will be limited use of plastic cards as the bank is promoting cash withdrawal with the help of the app YONO. The YONO platform will be enabled at all ATMs across the country and customers need to just go to the ATM, tap in the amount on the YONO and the teller machine will dispense cash, of course after due authorization by the customer.

Might Affect 90 crore debit card holders

This seems to be a huge move by the apex bank as it will be affecting 90 crore debit card holders in the country.

Debit Card-less Nation

Kumar has reportedly said that Yono platform aims to achieve a target of debit card less nation in the next five years. Yono can also be used for making online purchases as well as in-store digital payments.

Topics: SBI, debit card, bank, yono app, sbi app