Federal Bank is launching a one-click payment service jointly with Reliance Jio Money. The two entities have signed an agreement under which Reliance Jio Money’s mobile wallet application, which is to be launched shortly, will have a direct payment option for Federal Bank customers. Through this service, the bank’s customers can complete a transaction without funding the wallet as they will get a facility to directly pay from their account for the services offered through the wallet. This arrangement will help the bank’s customers retain cash in their account and use it only when a transaction is made unlike other instances where a wallet will require the user to maintain balance exclusively in the wallet. Shalini Warrier, COO of the bank said this arrangement would empower customers to retain the funds with their accounts while enjoying the host of services available in the app
