Mumbai: State Bank of India (SBI) on Wednesday launched the Multi-Option Payment Acceptance Device or MOPAD, a unified payment option that accepts multiple payment methods.
Under this, customers will be able to pay through credit or debit cards, Bharat QR, Unified Payments Interface (UPI) and SBI Buddy (e-wallet) at a Point of Sale (PoS) terminal. This initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time.
A charge-slip as a proof of payment, which was not available for the Bharat QR, UPI, and the SBI Buddy transactions, will be available for customers who pay through MOPAD.
The merchants get a single management information system (MIS) for all types of digital transactions, helping them to have total control over cash flows. This multipurpose initiative is expected to enhance the digital ecosystem and help the bank in driving the economy towards a less-cash society.
"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," said SBI Chairman Rajnish Kumar.
The bank will roll-out the facility on all PoS terminals in a phased manner, for which over 6.23 lakh terminals have been deployed. This will result in increased digital transactions as the merchant needs to deploy only one terminal.