Under SBIs' latest digital initiative, customers will be able to make payments through cards, Bharat QR, UPI and SBI Buddy on a PoS terminal.
The State Bank of India, India’s largest bank, announced the launch of its multi-option payment acceptance device – MOPAD – in Mumbai today. Under the bank’s latest digital initiative, customers will be able to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a PoS terminal.
According to the bank, this initiative is aimed at providing digital convenience to customers and ease of doing business for merchants at the same time. “This product takes forward the bank’s objective of ‘Cash ki Aadat Badlo’,” SBI said in a press release.
After all types of transactions, customers get 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,” it said.
Talking about their initiative, SBI chairman Rajnish Kumar said, “MOPAD will help merchants integrate different kinds of transaction 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.”
State Bank is also the largest acquirer in India with 6.23 lakh PoS terminals deployed. The bank has decided to roll out the facility on all PoS terminals in a phased manner. This will result in economic digital transactions as the merchants need to deploy only one terminal.