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  • Monday, March, 2024| Today's Market | Current Time: 04:35:46
  • Mumbai: Federal Bank announced the launch of its latest innovation “Scan N Pay” today at a function held at Federal Experience Federal-bankCentre, Nedumbassery, Kochi. The product was launched by Shri A P Hota in the presence of the media and Bank officials.

    By far the easiest and most comfortable mode of making any kind of payments, be it payments at retail stores, restaurants, hotels, home delivery, e-commerce, bill payments or even person to person payments, Scan N Pay is a first –of-its-kind mobile based payment App.  The comfort and convenience of a mobile, the simplicity of a QR (Quick Response) code, the credibility of IMPS (Immediate Payment Service) facility from NPCI (National Payment Corporation of India), the security of MPIN (Mobile PIN) – all converges into this new application.  Scan N Pay is a world class utility developed in-house by Federal Bank. It is currently enabled on Android phones and will shortly be made available on iOS, Windows and BlackBerry phones.

    The advantages of Scan N Pay are aplenty. The App is freely downloadable from App stores and activation process is simple; The App is same for merchants/websites and customers; QR code generated contains all the payment details; payment processing is instantaneous and confirmation reaches payer and payee immediately; tailor made reports are sent from Federal Bank to merchants; all hassles related to manual payments – long queues, coin shortage, soiled notes etc are dispensed with; all hiccups associated with card payments – need of carrying cards, pos machine faults, need of signature on receipts, safe keep of receipts, card frauds etc are done away with;  Payment is free for customers; and last but not least, Scan N Pay is a go-green initiative.

    Though Scan N Pay will be initially available for Federal Bank customers, the Bank has plans to onboard customers of other banks that offer General IMPS service from NPCI. Scan N Pay represents the mission of Federal Bank to revolutionize business payments in the country.

    Working of Scan N Pay for Person to Person fund transfer

    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.

    Working of Scan N Pay in a Merchant Store

    In a merchant store, at the checkout time, the cashier will key in the transaction amount in Merchant’s Scan N Pay App and generate a dynamic QR code. Customer 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 the customer and the merchant receiving the confirmation instantaneously. The same way the payment happens in E-commerce websites too.

    Source : Sachin Murdeshwar

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