Federal Bank launches IMPS-merchant payment service for its customer in India.
Private sector lender Federal Bank launched its IMPS-Merchant Payment Service, a real time funds transfer facility to merchants and enterprises through mobile phones.
Customers can use their mobile phones as a channel for accessing their bank accounts and transferring funds. The service is offered for free of cost.
Customers can make payments up to Rs 50, 000 with a monthly limit of Rs 2 lakh using the mobile banking application. While through SMSes there is a fixed daily limit of Rs 5 000.