The full form of MOP is Multi Option Payment System. It enables consumers to pay online using various internet alternatives such as debit card, Net banking, credit card, or UPI. It is a condition that must be met before opening an account. It allows you to select which method to use to access the account.
MOP is commonly used in the banking business and serves an essential purpose. If you don’t have it, your bank will deny you access to the account if you want to register a joint account with family members or start one. A personal account will always be set to single status by default, even if you do not request it. The MOP of an organisation becomes an essential component.
It gives information about who will manage your account and how it will be managed, as the name implies. These options will be displayed just before you are instructed to choose one of the available options.
- Former or Survivor
- Anyone or Anyone Who Survives
- Jointly and Individually Operated Single
- Either Survivor is the Winner
Benefits of MOP
- By choosing the multiple payment or non-payment option, customers can easily complete multiple bank transactions using just one mop passbook. This eliminates the need for additional validation information, such as a CVV or OTP.
- To conduct a single bank transaction using the mop passbook’s single payment and pre-authorized payment option, the consumer must enter the amount of each transaction.
Also Read: Full form of PIO
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