India-based Federal Bank has rolled out a new a mobile-based payment app that enables customers to instantly transfer money to any Federal Bank account via android phones.
Dubbed as Scan N Pay, the app is a world-class utility developed in-house by the bank and will allow customers to make any kind of payment at retail stores, restaurants, home deliveries, e-commerce or even person-to-person payments.
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Scan N Pay features the comfort and convenience of a mobile, simplicity of a QR (Quick Response) code, credibility of IMPS facility from NPCI and security of MPIN (Mobile PIN).
Available for download from App stores for free, the app will be available on iOS, Windows and BlackBerry phones soon. The solution will be initially rolled out to Federal Bank customers.
The bank is also planning to launch the service to onboard customers of other banks that offer General IMPS service from NPCI.
The activation process for the App is similar for merchants and customers that include generation of QR code with all the payment details, instant payment processing with both payer and payee receiving the confirmation immediately.
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