Rajnish Kumar, Chairman, SBI said the intent is to bring down the circulation of cash in the society. He added MOPAD will help merchants to integrate different kinds of transaction 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.
Under this, the customer will be able to make payments through Cards, Bharat QR, UPI and SBI Buddy e-wallet on a PoS terminal. This initiative aims at providing digital convenience to customers and ease of doing business for merchants at the same time.