SBI launches MOPAD

Hyderabad: State Bank of India, country’s largest commercial bank, on Wednesday 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’.

After all types of transactions, customer will 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.

Speaking on the occasion, Rajnish Kumar, Chairman, SBI said, “MOPAD will help merchants to 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.”