Federal Bank has come up with a host of digital initiatives

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The Federal Bank has recently launched three of its innovative offering 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.

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 services were launched by the Bank 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. For larger merchants, there are two products, one is the Lotza – Merchant app which can generate a dynamic QR code and the customers can just scan the QR and make the payment using BHIM/Lotza or any other UPI app. The app notifies the merchant or cashier upon receipt of the payment. This is useful in supermarkets, restaurants, fuel stations etc.

“We expect people to be a part of the digital ecosystem and through that we will target new customer acquisition,” Shyam Srinivasan, MD and CEO, Federal Bank. According to him, the bank is expecting a 20 per cent credit growth in FY18. Between April and December this fiscal (first nine months) it has seen a 32 per cent credit growth. Total business during this period was ₹1.62 lakh crore.

The bank currently has 1,252 branches and two representative offices — one each in Abu Dhabi and Dubai.

 

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