State Bank of India (SBI) has introduced a unified point-of-sale (PoS) payment terminal called Multi Option Payment Acceptance Device (MOPAD) to eliminate the need for multiple products for accepting different types of transactions.
The new machine accepts payments made using card, unified payments interface (UPI), Bharat QR and SBI Buddy wallet. It is aimed at offering digital convenience to customers and easy business for merchants.
After every transaction on MOPAD, customer will receive a charge-slip as the proof of payment, which is not available for standard Bharat QR, UPI or SBI Buddy payments.
The merchants will have a single management information system (MIS) for all forms of digital transactions, thereby providing them with complete control over cash flows.
The bank expects its new multipurpose initiative to boost digital ecosystem and help in achieving a less-cash society.
SBI chairman Rajnish Kumar said: “MOPAD will help merchants to integrate different kinds of transactions through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow.
“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”
The bank currently has 623,000 PoS terminals, and plans to roll out the new facility for all these machines in a phased manner.
SBI said that this will lead to more digital transactions as only one terminal is required to be deployed by merchants.