State Bank of India (SBI) launches Multi Option Payment Acceptance Device (MOPAD) – a unified payment acceptance solution

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Mumbai: State Bank of India, country’s largest commercial bank, today launched the latest customer friendly digital initiative of the Bank-the MOPAD (Multi Option Payment Acceptance Device). Under this, the customer will be able to make payments through Cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a PoS terminal. This initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time. This product takes forward Bank’s objective of “Cash ki Aadat Badlo”, a press release stated.

After all types of transactions, customer gets a charge-slip as a proof of payment. This is not available for traditional Bharat QR / UPI / SBI Buddy transactions. The merchants get single MIS for all types of digital transactions helping them to have total control on the cash flows. It is expected that this multipurpose initiative will enhance the digital ecosystem and help the Bank in driving the economy towards a less-cash society.

SBI is also the largest acquirer in India with 6.23 lakh PoS terminal deployed. 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 need to deploy only one terminal.

Accordingly, the launch was held at all SBI Circles including North Eastern Circle. At Guwahati centre, it has been launched at HUB Shopping Mall, Bhangagarh Guwahati centre by Shri Ajay Kumar Singh, General Manager SBI NE circle in presence of representatives of HUB Mall Guwahati of in a befitting on the day, the release added.