The State Bank of India (SBI), the country’s largest commercial bank, on Wednesday, launched a customer-friendly digital initiative, MOPAD (Multi Option Payment Acceptance Device).
With this, the customer can make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a PoS terminal. The initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time. This product takes forward the bank’s objective of “Cash ki Aadat Badlo”.
After a transaction, the customer gets a charge-slip as a proof of payment. This is not available for traditional Bharat QR/UPI/SBI Buddy transactions. The merchants will get an MIS for all types of digital transactions helping them to have total control over the cash flow.
The multipurpose initiative is expected to enhance the digital ecosystem and help the bank in driving the economy towards a less-cash society.
During the launch, SBI chairman Rajnish Kumar said, “MOPAD will help merchants to integrate different kinds of transactions through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow. This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”
The SBI is also the largest acquirer of PoS terminals - 6.23 lakh. It has decided to roll-out the facility on all PoS terminals in a phased manner. This will result in economic digital transactions as the merchant needs to deploy only one terminal.
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