MOP Full Form

MOP in Banking Passbook stands for Multi Option Payment System which can be used for multiple bank transactions. The MOP is a unique feature provided by the banks that can be selected and activated to make payments from either bank’s mobile phone by showing the mobile symbol on the screen of the bank’s mobile phones. In this payment system, multiple payment options are available like Single Payment, MOP with Multiple Payments, MOP with Multiple Non-Payments, Pre-authorized Payment, etc. just like in single option payment or MOP.

MOP Development: Over time, several banks have moved towards increasing the number of mop options available on their passbooks. This led to new advantages such as convenience to customers and saving in handling transaction risk among others. Banks developed unique mobile payment solutions for their customers. These solutions became HCE and NFC based and were available on various mobile platforms like Android, iOS and Windows.

MOP Benefits

MOP with multiple payments & MOP with multiple non-payments: – Multiple payment or non-payment option means that the customer can make more than one bank transaction using one mop passbook without applying any extra steps such as providing additional validation details such as CVV or OTP.

Single Payment & Pre-Authorized Payment Option: In this option, the customer needs to enter the amount of each transaction to make a single bank transaction using mop passbook.

Comparison of Single Payment & Pre-Authorized Payment Option:

Single Payment: In this option, the customer needs to enter the amount for every payment transaction in a single bank transaction. Thus, multiple payments cannot be made in just a single mop passbook without applying any extra steps such as providing additional validation details such as CVV or OTP.

Pre Authorized Payment: In this option, the customer needs to enter the amount only once, that means he can make multiple payments by showing only one payment passbook. Thus, single payment can be made in just a single mop passbook by applying any extra steps such as providing additional validation details such as CVV or OTP.

How to Activate MOP

The customer can activate the mop passbook at any time by providing a valid mobile number for login. Thus, all payments can be made using that mobile number. The customer needs to select the payment options available before making a bank transaction by showing his bank passbook and entering the next details. By doing so he will have all the benefits of mop passbook like multiple payments or non payments and additional payment options as well.

How to Pay using MOP

The customer needs to select his accounts in the “Select Account” screen of his bank’s mop app and then select the payment method from the “Bank Payment Methods” option. The customer can choose the available payment option and enter the required details. Thus, he will be able to pay his bills using multiple amounts.

The bank collects all mop details including card numbers, transactions amount and dates etc, then they are sent to the bank’s backend systems (Tenders) for processing. Depending on the type of transaction processed by them (i.e if it is credit card or debit card transaction), the payments are redirected to the respective financial institution. As a result, the customer receives notification about the success or failure of his payment in case of payment method being MOP passbook based for verification & authorization purposes, else he will get a message regarding unsuccessful attempt.

The system shall send a notification to the bank whether the process is successful or not. If the funds transfer is successful, then the transaction shall be closed in MOP system and the funds will be available for further use.

Significance of MOP

The MOP system eliminates the need for manual intervention for a number of transactions by saving the time and effort of employees. MOP is highly automated and uses the latest technology to improve customer experience. It allows people to pay bills online, check their bank account balance on a mobile phone, make payments at retail stores or even receive other financial services like insurance or mutual fund investment advice on a mobile device. It helps in improving customer service through faster transactions as well as better security due to its secured payment gateway that allows customers to pay with just their phone numbers and personal information stored in their banks.

Conclusion

The MOP system allows the customers to make multiple payments in a single transaction. This system is highly automated and uses the latest technology to improve customer experience. It helps in improving customer service through faster transactions as well as better security due to its secured payment gateway that allows customers to pay with just their phone numbers and personal information stored in their banks.

Finally, we can say that mop is a wonderful invention of world financial technology and it will increase the productivity of banks. And there are no issues related to this mobile process so all people should go for it who are still not using this mobile payment option for their banks.