Federal Bank redefines the style of payment of fare in Kochi

Kochi- Federal Bank makes the auto drivers in Kochi the proud beneficiaries of IMPS – Immediate Payment Service. The service was inaugurated by Mr. K. Padmakumar IPS, IGP, Kochi Range in the presence of Mr. Oommen Benjamin, GM, Ernakulam Zone, Mr. Nandakumar.V, Regional Head, Mr. D. Sampath, Addl GM & Mr. Thampy Kurian Addl. GM at the Bank’s complex at Marine Drive Ernakulum. The gathering was attended by a large number of auto drivers.

This facility enables the auto drivers to receive their fare from the customers of any bank. This is a cashless, mobile based payment system which accommodates any odd amount starting from Re 1 and adds enormous convenience and security to both passengers and drivers. This obviously eliminates the growing problem of coin shortage by supporting even payment in paise.

A passenger can make payment by sending an SMS from his mobile phone to his bank.  The simple instructions to follow are displayed inside the auto rickshaw.  The bank of the passenger processes the transfer request with the technical support of National Payment Corporation of India (NPCI) and sends the SMS confirmation to both the passenger and the driver.  All this happens within seconds. 

Federal Bank is engaged in a mass programme of redefining the style of payment in Kochi by helping merchants, auto/taxi drivers and individuals enabling them to make use of cashless mobile based payments.