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SBI launches multi-option payment acceptance device ‘MOPAD’

State Bank of India launched its Multi Option Payment Acceptance Device, ‘MOPAD’, which will allow customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a single Point–of–Sale (PoS) terminal. The initiative is aimed at providing convenience to merchants by eliminating the multiple machines that they keep in order to facilitate transaction from different sources, a release from the lender said. The bank also said that customers would receive a charge-slip as a proof of payment after processing any type of transactions through MOPAD. “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,” the statement said. As per the statement, the new initiative will roll-out on all SBI PoS terminals in a phased manner. The lender, which is India’s largest bank, is also the largest PoS provider in the country with 6.14 lakh terminals as of April, according to data released by the Reserve Bank of India. PoS in India According to data from the central bank, the number of point–of–sale (POS) machines increased to 3.16 million in April 2018, up 21% from 2.61 million in April last year. However, the RBI data only shows terminal statistics from banks and does not include the number of devices from…

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