MOPAD-Multi-Option Payment Acceptance Device

MOPAD or Multi-Option Payment Acceptance Device is a POS terminal launched recently by the State Bank of India (SBI). The MOPED is the latest addition to the digital banking initiative by the largest bank in India. On a Multi-Option Payment Acceptance Device, customer can make payment through various options like payment cards, Bharat QR, UPI and e-wallet. In fact, SBI is making available all the digital mode of payments, except internet banking,  presently being handled by Payment gateways at its new POS terminal, MOPAD. 

Multi-Option Payment Acceptance Device combines the digital banking convenience for customers and ease of doing business for merchants at the same time. This moves in perfect alignment with SBI’s declared objective of  ‘Cash ki Aadat Badlo.’ The Bank is thus continuing its effort to enhance the digital banking ecosystem and drive the economy towards a less cash society.   

MOPAD supports the merchants to integrate different types of payment channels and transaction modes through one POS terminal. Customers will receive a charge-slip as proof of payment for all types of transactions carried out through MOPAD. This is not available at present for BHARAT QR and UPI transactions. To make the life of merchants easy, they will receive a single MIS for all types of digital transactions, which will enable them to have better control on the cash flows. Further, merchant will need to deploy only one terminal for capturing transactions through almost all digital modes, probably except internet banking. Single terminal in place of multiple terminals will aid cost reduction by merchants.  Proper balance ensured through MOPAD between customer preferences and merchant’s easiness will prompt public to rely more on digital transactions. . 

MOPAD by SBI is expected to compete with DigiPOS by HDFC. DigiPOS  was launched last year and the terminal offers payment options through credit and debit cards, UPI, BharatQR, SMS Pay and the PayZapp wallet.

POS (point–of–sale) terminals in India and SBI

According to the details provided by State Bank of India, the Bank is also the largest acquirer of POS transactions in India. It has deployed 6.23 lakh PoS terminals across the country. MOPAD facility will be extended through all PoS terminals in a phased manner. Total number of point–of–sale (POS) machines deployed in the country was around 2.61 million in April 2018. This number includes POS terminals provided by banks only and does not include those supplied by independent players like MSwipe, Ezetap, ItzCash and Oxigen.

In 2014, SBI had partnered with Ezetap to deploy 500,000 POS terminals across the country in five years. Subsequently, both partners together launched ‘Chota ATM’, a solution that doubles as an ATM device and POS terminal.