POP meaning in Banking ?

Answer:

What is Proof of Payment mean?

Proof-of-payment (POP) or proof-of-fare (POF) is an honor-based fare collection system used on many public transportation systems. Instead of checking each passenger as they enter a fare control zone, passengers are required to carry a ticket, pass or a transit smartcard to prove that they have paid the valid fare. Fares are enforced via random spot-checks by inspectors such as conductors or enforcement officers, to ensure that passengers have paid their fares and are not committing fare evasion. On many systems, a passenger can purchase a single-use ticket or multi-use pass at any time in advance, but must insert the ticket or pass into a validation machine immediately before use. Validation machines in stations or on board vehicles time stamp the ticket. The ticket is then valid for some period of time after the stamped time.

This method is implemented when the transit authority believes it will lose less money to the resultant fare evasion than it would cost to install and maintain a more direct collection method. It may be used in systems whose passenger volume and density are not very high most of the time—as passenger volumes increase, more-direct collection methods become more profitable. However, in some countries it is common even on systems with very high passenger volume. Proof-of-payment is usually applied on one-person operated rail and road vehicles as well as on automatically operated rail lines.

The honor system can be complemented with a more direct collection approach where this would be feasible—a transit authority utilizing POP will usually post fare inspectors, sometimes armed as a police force, to man entrances to stations on a discretionary basis when a high volume of passengers is expected. For example, transit users leaving a stadium immediately following a major concert or sporting event will likely have to buy a ticket from an attendant (or show proof of payment) to gain access to the station serving the stadium. Direct fare collection methods may also be used at major hubs in systems that otherwise use POP. An example of this is the Tower City station on Cleveland's RTA Rapid Transit Red Line, which uses faregates.

Travel without a valid ticket is not usually considered a criminal offense, but a penalty fare or a fine can be charged.

reference

Full Form	Category
Professor Of the Planet	Academic & Science
Parallel Ocean Program	Academic & Science
Professor Ozone Patrol	Academic & Science
Probability Of Precipitation	Academic & Science
Point of Purchase	Accounts and Finance
Puerto Plata	Airport Code
Proof of Payment	Banking
Proof Of Performance	Business
Parallelogram Of Power	Business
Proof Of Product	Business
Public Offering Price	Business
Pope & Talbot, Incorporated	Business
Product Of Pommery	Business
People's Online Publishing	Business
"Period of Performance" (used in contracts & finance)	Business
Persistent Organic Pollutant	Chemistry
Pride Of Place	Community
Prince Of Persia	Community
Presbyterian Outreach to Patients	Community
Poor Old Papa	Community
Piece Of Peace	Community
Pop A Word From The Stack	Computer Assembly Language
Performance Optimized Program	Computer Assembly Language
Pokémon Organized Play	Computing
Positively Outstanding Programming	Computing
Picture Out Picture	Computing
Protected Object Policy	Computing
Point Of Production	Computing
Processor On Plug-in	Computing
Partial Order Plan	Computing
Proof Of Possession	Computing
Package On Package	Computing
Page Optimizer Pro	Computing
Picture On Picture	Computing
Picture Over Picture	Computing
Package for Online Programming	Computing
Pseudo Operation	Computing
POP Network Token	Cryptocurrency
Messages Index (popmail)	File Type
Pop-up Menu Object (dbase Application Generator)	File Type
Population One Pop	General
Peer Outreach Program	General
Pissy Or Pisstastic	General
Personal Ozone Protection	General
The Peer Observation Program	General
Pay One Price	General
Pacific Ocean Perch	General
Point Of Purchase promotion	General
Publish or Perish	General
Pay Other People	General
Prototyping on Paper	General
Piece Of Paper	General
Proof Of Purchase	General
Picture Of Picture	General
Performance Optimisation and Productivity	General
Page On A Page	General
Percentage Of Positive	General
Prince Of Peace	General
Pocket Of Positivity	General
Pain On Palpation	General
Pelvic Organ Prolapse	General
Procurement Outreach Program	General
Profits Over Promises	General
Perfectly Organized Perks	General
Preferred Owner Program	General
Pre Owned Parts	General
Parade Of Progress	General
Plenty Of Parking	General
Point Of Purpose	Governmental
Power Of People	Governmental
Problem Oriented Policing	Governmental
Performance Oriented Packaging	Governmental
Persistent Organic Pollutants	Governmental
Point of Presence	Information Technology
Portal Of Praevus	Internet
Progestin-Only Pill	Medical
Progestogen Only Pills	Medical
Progestogen-Only Pill	Medical
Premium Only Plan	Medical
popliteal	Medical
Posterior Occipital Position	Medical
Pissing Off People	Messaging
Premises of Post	Messaging
Population	Military and Defence
Post Office Protocol	Networking
Pass On Packet	Networking
Perpendicular-to-orbit Plane	Space Science
Polar Orbiting Platform	Space Science
Preburner Oxidizer Pump	Space Science
Preflight Operations Procedures	Space Science
Prelaunch Operations Plan	Space Science
Program Operating Plan	Space Science
Princess of Pro-Wrestling	Sports & Games
La Union Airport	Transport & Travel