What is the Full Form of MOP in Banking?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Full Form of MOP 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. It is an extremely significant feature nowadays that saves time and effort for the customers as well as the bank employees. Hence, you must meet the requirements for MOP in order to open and operate your account.
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Full form of MOP
MOP enables users to make payments online using a variety of methods, including UPIs, Net Banking, debit cards, and credit cards. Therefore, the customer only has to pick the desired payment method to make a payment online. Moreover, it is a condition that needs to be satisfied in order to open an account.
The ability to open and access joint accounts with family members, among other things, makes MOP a crucial tool for the banking sector. Customers can activate the MOP system by logging in and providing a working mobile number. The MOP system also saves time and effort by removing the need for manual intervention in many transactions.
Summary:
What is the Full Form of MOP in Banking?
MOP Full Form is Multi Option Payment System. It is a system that allows you to pay online using your preferred online banking method, such as debit cards, credit cards, or UPI. It is a very important feature nowadays because it saves customers’ and bank employees’ time and effort. Simply put, it makes online transactions hassle-free for customers and bank employees.
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