Federal Bank, a Kerala based bank has introduced a funds transfer facility to merchants and enterprises through mobile phone. This IMPS-Merchant Payment Service in association with National Payment Corporation of India will help the customers to use their mobile phones to access bank accounts and transfer funds.
IMPS-Merchant Payment Service include railway ticket booking through IRCTC, mobile/DTH recharge, mutual funds, credit card bill payments, insurance premium, online shopping, post-paid mobile and utility bill payments, and ticketing facilities. Customers need to register their mobile number with the bank after which a Mobile Money Identifier (MMID) will be generated.
With these services, customers can make payments of up to Rs 50,000 subject to a monthly limit of Rs 2 lakh using the mobile banking application. While using an SMS, the daily limit amount is Rs 5,000.
