Federal Bank launches new digital banking products

20 Mar 2017

Federal Bank today launched three innovative digital banking products. FedBook Selfie-lite is the latest version of the Bank’s instant account opening mobile app FedBook Selfie. The new version allows customers to open and operate new Bank account instantly. Customers will receive the debit cards from the Bank and could activate the card by visiting any Federal bank ATM. Also they can activate Mobile banking and Internet banking without visiting the Bank. FedBook Selfi has revolutionized the way customers open their savings Bank accounts now, said managing director and chief executive officer, Shyam Srinivasan during the launch.
The Bank launched e-POS is an innovative payment system that helps merchants to accept payments through cards/net banking without a physical POS machine. Demonetization resulted in massive demand for POS machines in the country. However, there is a demand-supply mismatch and as a result, many merchants are devoid of POS terminals. e-POS comes as a relief to merchants who wants to accept card payments. Merchants who wish to use this facility can register in the e-POS portal of Federal Bank. After registration, merchants can use this platform to bill a customer by capturing Mobile Number of the customer, Bill Amount and Bill Number. Once submitted, the customer receives an SMS with a link to make the payment. On clicking the link, the customer is navigated to a secure page where they can use their debit/credit card or net banking and complete the payment.
Federal Bank’s Lotza UPI Merchant service was launched to support merchants go digital by connecting to the UPI platform. Lotza scan and pay, which is one among the Lotza UPI merchant services, helps small merchants to accept payments from any UPI based mobile app like BHIM or Lotza by just scanning the QR code displayed at the shop. The shopkeeper gets an instant SMS confirmation, once payment is received.
The bank also launched uPOS, which is an alternative to the traditional POS machine that can generate a printed receipt upon a successful transaction. This offering is an important innovation from the Bank which will be soon integrated with Aadhaar Enabled Payment Service enabling payments using Aadhaar number and fingerprint. (EOIC)