State Bank of India, country’s largest commercial bank on Wednesday launched the latest customer friendly digital initiative of the Bank- theMOPAD (Multi Option Payment Acceptance Device).
Rajesh Kumar, Chief General Manager, Bhopal Circle launched the device in the showrooms of Jeewan Motors and Alankar Jewellers in Bhopal. 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 AadatBadlo’.
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.
State Bank of India 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.