Palakkad: The Point of Sale (POS) machine used in shops for card payment will soon enable payment through mobile phones. State Bank of India (SBI) is all set to introduce QR code payments in machines which will make it easier to pay even without cards.
Presently, the POS machines allow only payment by cards. But many complaints have been increasingly raised over its security. The information on cards could be misused.
The QR code setup would help resolve all these issues, demands SBI. The new system has been named Multi Option Payment Acceptance Device (MOPAD).
4 phases
- QR code will be available on POS machines at shops
- Use the bank’s mobile application to scan the code
- Then the machine will display payment amount, account details
- Payment could be done directly from the account
The machine will also facilitate payment by submitting less information. The BHIM app could also be used for transactions.
New machine; Next financial year
SBI has not started distributing the new machines to the shops. Rather, the old machines have been rectified of any errors when shops ask for new machines.
The SBI officials said that the MOPAD will be distributed to all commercial shops in the next financial year.
