Mumbai: Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for the digital convenience of customers and merchants.
According to the lending major, MOPAD allows the customer to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.
“MOPAD will help merchants to integrate different kinds of the transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” SBI Chairman Rajnish Kumar was quoted as saying in a statement.
“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”
As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner.
Currently, SBI has deployed 6.23 lakh PoS terminals.