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SBI Launches New Digital Transaction MOPAD Device


Leading state-run lender in a bid to boost digital transaction has introduced yet another digital initiative called Multi Option Payment Acceptance Device or MOPAD. The device when configured on a point of sale terminal will facilitate customers to make payments via several options including cards, UPI, Bharat QR and SBI e-wallet or SBI Buddy.

SBI Launches New Digital Transaction MOPAD Device

Alok Kumar Choudhary, Chief General Manager of SBI as cited in a PTI report said the new facility will offer convenience to customers to engage in digital transactions. And at the same time provide ease of doing business to traders and merchants.

Further he was quoted as saying, "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".

Currently, the lender has 6.23 PoS terminals across the country. In respect of different digital transactions, the merchant receives a single MIS to have an overall better control over the cash flow.

The introduction of the new multi payment option device is likely to advance the digital ecosystem and assist in driving the society at large to a less-cash economy.

Read more about: sbi cashless economy
Story first published: Thursday, August 9, 2018, 11:13 [IST]
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