What is the Full Form of MOP in Banking?

By Esha Dhawan|Updated : September 9th, 2022

When it comes to the world of banking, you must have come across various terms that are significant but might seem confusing. For instance, do you know what is the full form of MOP in banking? The answer is Multi Option Payment System. It is a system that allows you to pay online through various online banking options such as debit cards, credit cards, or UPIs as per your preference. Hence, you must meet the requirements for MOP in order to open and operate your account.

Answer:

The full form of MOP stands for Multi Option Payment System

Furthermore, MOP serves a critical function in the banking industry as it permits people to open and access joint accounts with their family members and much more. Customers can activate the MOP system by providing their valid mobile number and logging in. Lastly, the MOP system eliminates the need for manual intervention for many transactions and save both time and effort.

Summary:

What is the Full Form of MOP in Banking?

The full form of MOP in banking stands for Multi Option Payment System. It is a system that allows you to make payments online using options such as debit cards, credit cards, or UPIs. It is an extremely significant feature nowadays that saves time and effort of the customers as well as the bank employees.

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