Federal Bank has launched a mobile app called ‘Scan N Pay’, which allows customers to instantly transfer money to any of the Federal Bank accounts through android phones. The bank said this is a first of its kind mobile-based payment app which is a world class utility developed in-house by the bank. It is currently enabled on Android phones and will shortly be made available on iOS, Windows and BlackBerry phones. The customers can make any kind of payments, be it payments at retail stores, restaurants, hotels, home delivery, e-commerce, bill payments or even person to person payments, through this application, which can be freely downloaded from App stores. The payee/recipient will key in the transaction amount in his/her ‘Scan N Pay’ app and generate a dynamic QR code. The payer of the fund will scan the QR code using the Scan N Pay app installed in his/her mobile phone, feed in his/her MPIN and initiate the payment. The transaction is processed instantly with both payer and payee receiving the confirmation instantaneously. This payment system comes in with a lot of advantages. The app was launched by A.P. Hota, MD and CEO, NPCI. Shyam Srinivasan, MD and CEO, Federal Bank, said Scan N Pay represents the mission of Federal Bank to revolutionize business payments in the country. While the app will be initially available for Federal Bank customers, the bank plans to onboard customers of other banks that offer General IMPS service from NPCI.
