SBI launches digital transaction initiative MOPAD
As part of its effort to promote online transaction, State Bank of India (SBI) today launched one more digital initiative called MOPAD (Multi Option Payment Acceptance Device). It will enable customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a point of sale (PoS) terminal.
It will also provide digital convenience to customers and ease of doing business for merchants at the same time, SBI Chief General Manager Alok Kumar Choudhary said here.
SBI has 6.23 lakh point of sale terminals deployed across the country.
"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," he said.
The merchants get single MIS for all types of digital transactions helping them to have total control on the cash flows.
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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, he added.