After the demonetization in India, people have started using digital platforms to make payments without using actual cash. And MOPAD is a new invention from India’s largest commercial bank State Bank Of India (SBI). This will allow merchants to accept payments from multiple payment methods using a single point of sale or POS machine.
What is MOPAD?
The full form of MOPAD is the Multi Option Payment Acceptance Device. Nowadays, there are multiple digital platforms and payment methods available to use and pay at merchant stores. But it becomes costly to keep multiple POS machines or payment options to accept payment from customers. So, State Bank of India has taken this initiative which will allow merchants to collect payments from their customers using the MOPAD embedded POS terminal which accepts UPI, Bharat QR, E-Wallet and Card payments. This will reduce the cost to accept digital payments for merchants, and normal users will also get flexible payment options at merchant stores.
How to Apply for MOPAD by Merchant?
Currently, SBI has more than 6.23 lakh POS machines deployed at different merchant stores. This move will ensure that these merchants can accept payments from buyers for a variety of payment methods. SBI itself, in an answer given at Quora, said that this facility would be rolled out to these POS terminals over some phases and this will make digital transactions efficient economically. Once SBI Official announces the procedure to apply for MOPAD POS Terminal, we will update complete steps here.
How MOPAD Works for Customers?
State Bank Of India, with the objective of “Cash Ki Aadat Badlo“, introducing and launching various ways for the users to make digital transactions easier and rewarding. Previously, with the SBI Buddy app, SBI used to reward users for their transactions done digitally. And now, to provide more payment options available for the buyers and at the same time, to make it economical for the merchants, SBI has launched this new facility called MOPAD for the existing POS terminals powered by SBI.
So, once the feature becomes available for merchants, users will be able to make payments through a verity of digital payment methods. Previously, POS machines used to support mainly Credit and Debit cards. But now, users will be able to pay from their UPI account (Unified Payment Interface), Bharat QR and SBI Buddy (electronic wallet) to the merchant store at POS terminals.
After a successful transaction, the POS machine will also give a charge-slip to the customer as proof of the payment. However, this slip will be given to the users who use Credit, Debit or ATM cards only. For Bharat QR, UPI or SBI Buddy transactions, users can see the transactions on their screen like before. So, overall, this will help users to make payments to merchant stores without the requirement of carrying cash or their cards which can ultimately help to boost digital transactions in India.
How to Make Payment at MOPAD PoS Terminal?
- First of all, at the time of making payment, select your preferred method from cards, Bharat QR, UPI or SBI Buddy wallet.
- Then for cards, swipe it on POS machine.
- For Bharat QR, open your phone’s QR scanner from your Bank’s app and scan the QR code provided on the MOPAD terminal.
- Or use your UPI account to make the payment.
- Post payment, you will get a slip from the terminal as proof if you used cards.
- For UPI, Bharat QR and SBI Buddy wallet, it will be saved digitally on the app under the “transactions” section.
- An SMS containing the transaction details will be sent to your registered mobile number.
- That’s it. You have successfully made a payment at MOPAD terminal.
Hope this article helped you to know better MOPAD or the Multi Option Payment Acceptance Device introduced by the State Bank Of India. Now please share your opinion as a buyer or user about this initiative in the comment section below. You can also ask any further questions to us in comments!