Federal Bank has launched a funds transfer facility to merchants and enterprises through mobile phone.
The Kochi-based private sector lender’s IMPS-Merchant Payment Service, in association with National Payment Corporation of India, will enable customers to use their mobile phones to access bank accounts and transfer funds.
Currently, services enabled through IMPS-Merchant Payment Service include railway ticket booking through IRCTC, mobile/DTH recharge, mutual funds, credit card bill payments, insurance premium, online shopping, post-paid mobile and utility bill payments, and ticketing facilities.
Customers need to register their mobile number with the bank after which a Mobile Money Identifier (MMID) will be generated.
The payments can be initiated through an SMS or the IMPS application using an OTP (One-Time Password), which is generated by the customer from his/her mobile banking application or by sending an SMS to the Customer Contact Number. The OTP is valid for 60 minutes once generated and can be used only for just one transaction.
Customers can make payments up to Rs 50,000 subject to a monthly limit of Rs 2 lakh using the mobile banking application. While using an SMS, the daily limit amount is Rs 5,000.
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