HDFC Bank has announced a software upgrade to create a single PoS machine which will accept payments through Unified Payments Interface (UPI), BharatQR, SMS Pay and the banks mobile wallet, in addition to the traditional mode of swiping cards. PoS stands for-?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

HDFC Bank has announced a software upgrade to create a single PoS machine which will accept payments through Unified Payments Interface (UPI), BharatQR, SMS Pay and the bank’s mobile wallet, in addition to the traditional mode of swiping cards. PoS stands for-?

A	Product-of-Sale
B	Point-of-Service
C	Point-of-System
D	Point-of-Sale

Explanation:

Detailed explanation-1: -HDFC Bank’s DiGiPOS (Digital Point-of-Sale) solutions allow you to accept payments across a variety of modes while ensuring completely secure and encrypted transactions at all times.

Detailed explanation-2: -DigiPOS will offer customers various digital payment options such as UPI, Bharat QR, SMS Pay and PayZapp, in addition to the facility to pay through debit / credit cards. The bank has a network of over 4 lakh PoS machines used by 3 lakh merchants across 4000 locations.

Detailed explanation-3: -Venkatramu, Managing Director & CEO, India Post Payments Bank said, ”By bringing banking at the doorsteps of customers, IPPB is steadily transforming and reshaping the financial inclusion landscape across the country.

Detailed explanation-4: -Bharat QR transactions are different from POS transactions. In POS transaction, POS terminal is required whereas in Bharat QR transaction, QR Code is required. Using mobile banking app or wallet user will scan the QR Code placed in merchant outlet and make the payment using the RuPay Card linked to the BQR.

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