State Bank of India’s latest digital initiative is to create a payment platform where multiple transactions types can be clubbed into one. The new aggregated payment terminal is known as MOPAD or Multi-Option Payment Acceptance Device.
MOPAD will facilitate card payments as well as payments through UPI, SBI Buddy, and Bharat QR. Typically, each of these payment channels requires different machines to carry out the transactions. However, the new initiative will make transactions more convenient for customers and make it easy for merchants to accept payments. While channels like UPI and Bharat QR did not provide any receipts after the transactions earlier, MOPAD will provide a charge slip to the buyer post the transaction.
With the implementation of MOPAD, merchants will have to deploy only one terminal, which will hence result in digital economic transactions. Further, since the merchants will have a single Management Information System (MIS) they will have complete control over the transactions and can, therefore, streamline cash flow.
The largest lender as well as the largest acquirer in India, SBI, currently has 6.23 lakh Point of Sale (PoS) terminals and plans to implement MOPAD in all the terminals gradually.
The Bank announced the launch of MOPAD on 8 August 2018 in Mumbai.
Source: Financial Express