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MOP Full Form

MOP Full Form

Edited By Team Careers360 | Updated on Jan 04, 2023 02:29 PM IST

What is the full form of MOP?

MOP stands for "Multiple Option Payment System" in its complete form. It is a system that enables you to make online payments using different online banking alternatives, according to your preferences, such as debit cards, credit cards, or UPIs. It is an essential element today that both clients and bank personnel may benefit from by saving time and effort. An individual must meet a prerequisite before an account opening. MOP is a crucial tool for the banking system because it enables family members to open and access joint accounts. Customers who sign in and enter a valid mobile number can activate the MOP system. As many transactions no longer require manual involvement, the MOP system saves time and effort.

MOP Full Form
MOP Full Form

Significance

By saving employees time and effort, the MOP system removes the need for manual intervention in various transactions. MOP uses cutting-edge technology and is fully automated to enhance the consumer experience. It enables consumers to pay their bills online, check the balance of their bank accounts on a mobile device, pay at physical establishments, and even get advice on insurance or mutual fund investments. Faster transactions and improved security provided by its secured payment gateway, which enables users to make payments using only their phone numbers and personal information in their banks, contribute to bettering customer service.

Benefits

  • Customers who choose the multiple payment or non-payment option can conduct many bank transactions using a single mop passbook without taking any additional steps, such as supplying additional validation information such as a CVV (Card Verification Value) or OTP (One-Time Password).

  • The consumer must enter the amount of each transaction to make a single bank transaction utilizing the mop passbook's single payment and pre-authorized payment option.

Single Payment: When selecting this option, the customer must enter the total of all payments made in one bank transaction. Therefore, many payments can only be made with a single mop passbook with further procedures like applying additional validation information like a CVV or OTP.

Pre-Authorized Payment: Using this option, the customer must enter the payment amount once, allowing him to make several payments using a single payment passbook. As a result, a single payment can be made using a single mop passbook by taking additional steps, such as supplying additional validation information like a CVV or OTP.

Frequently Asked Questions (FAQs)

1. Which payment type is the right choice?

Using credit cards as a form of payment online is the safest and most secure option. Credit cards use fraud monitoring and encryption as online security measures to protect your accounts and personal information.

2. Which kind of payment is the quickest?

One of the electronic methods of transferring money from one bank account to another is Real Time Gross Settlements, or RTGS, as it is more frequently known. It involves the uninterrupted or real-time settlement of payments without netting.

3. What roles Do MOP and SRP Play in Business?

The MOP (Market Operating Price) or SRP (Suggested Retail Price) helps a consistent and clear pricing approach in enterprises. They assist in preventing inflated commodity prices on the market and guarantee that all merchants and customers can buy the goods at the price the manufacturer specifies expressly. The MOP and SRP also serve as a regulatory mechanism to prevent the cost of the commodities from increasing because the SRP already considers market conditions, additional expenses, and the expected earnings of merchants.

4. How to Start Multi Option Payment (MOP)?

The customer can activate the mop passbook at any time by giving a valid cellphone number for access. Therefore, the given cell phone number can be used to make all payments. Before a bank transaction, the customer must choose from the various payment choices by displaying his bank passbook and providing the necessary information. He will gain all the advantages of the mop passbook by doing this, including making several payments or none and making additional payment choices.

5. Comparison between Pre-Authorized Payment Option and Single Payment.

When selecting the single payment option, the consumer must enter the amount for each payment transaction in a single bank transaction. As a result, making several purchases with a single mop passbook is only possible with further measures like supplying additional validation information such as a CVV or OTP.

Pre-Authorized Payment: With this option, the customer only needs to enter the payment amount once, so he can use one payment passbook to make many payments. Thus, by taking additional steps, such as supplying further validation details, such as CVV or OTP, a single payment can be completed with a single passbook.

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