The State Bank of India (SBI) launched its latest customer-friendly digital initiative Multi Option Payment Acceptance Device (MOPAD) in the city on Wednesday.
With the new system in place, customers can make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a Point of Sale (PoS) terminal. It will also help traders do away with multiple choices that they use to facilitate transactions through card and QR code modes.
The initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time, said SBI Chief General Manager (Amaravati Circle) Mani Palvesan formally while launching the initiative at Lucky Shopping Mall, in the presence of DGM M.B. Diwakar and other senior officials. The product takes forward bank’s objective of ‘Cash ki Aadat Badlo’, he said.
How it works
After the transaction, customer gets a charge-slip as the proof of payment.
However, 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 the multi-purpose initiative will enhance the digital ecosystem and help the bank drive the economy towards a cash-free society, said Mr. Mani Palvesan.
Having commissioned 6.23 lakh PoS terminals, the SBI has decided to roll out MOPAD facility at all PoS terminals in a phased manner, resulting in merchants deploying only one terminal, the SBI officials said.
