Federal Bank launches IMPS-merchant payment service

Federal Bank launched its IMPS-Merchant Payment Service, a real time funds transfer facility to merchants and enterprises through mobile phones.

This service allows Federal Bank customers to make payments to merchants via mobile phone to IMPS enabled merchants and enterprises.

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 and 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.