SBI unveils multi-option payment acceptance device

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SBIIndia’s largest public sector lender State Bank of India (SBI) has launched a multi-option payment acceptance device MOPAD for customer convenience.

Customers will now be able to make payments via debit/ credit cards, Bharat QR, UPI and SBI Buddy on a PoS terminal.

This initiative is aimed at ensuring digital convenience to customers and business-related assistance to the merchants at the same time. Through this product, the bank is also taking its objective of ‘Cash ki Aadat Badlo’ to the next level, said the bank stated in a press release.

 “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 of 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.

The bank has also deployed 6.23 lakh PoS and decided to deploy the services to roll out the facility on all PoS terminals in a phased manner. This will help in bringing down the cost of digital transactions as the merchants need to deploy only one terminal.

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