Mumbai, Jan 29 (KNN)  As an ambitious initiative to expand banking services, the State Bank of India (SBI) today announced plans to deploy one lakh Mobile POS (Point of Sale) Terminal every year at merchant establishments.

The MPOS Terminals will provide banking services such as cash withdrawal up to Rs 1,000 a day, electronic transactions like swiping of debit and credit cards on the POS machine.

In all, the bank will have three to five lakh POS Terminal throughout the country, changing the banking paradigm.
POS will not only give huge business to SBI but would also open opportunities for small entrepreneurs and property owners to rent out commercial space to the bank.

In order to provide one stop solution to a merchant for all his requirements in terms of electronic transactions, barring banking services, the State Bank of India (SBI) has plans to create one lakh Mobile POS (Point of Sale) in the country to promote electronic transactions at various merchant outlets.

In this context, SBI seeks to engage a Service Provider for supply, installation, testing, commissioning and maintenance of MPOS terminals, along with operating system and other peripherals, transaction processing, field services etc at various merchant establishments, on behalf of SBI.

POS terminals help customers carry out cashless transactions at merchant outlets by swiping credit/ debit cards on the POS machine.

Further, the terminals also facilitate withdrawal of cash (up to a maximum of Rs 1,000 a day according to existing RBI guidelines) using debit cards at designated merchant outlets.

POS terminals help customers carry out cashless transactions at merchant outlets by swiping credit/ debit cards on the POS machine. (KNN/SD)