Following this announcement, Flash Pay will be available to use during transit at NCMC-enabled metro stations without the need for having to stand in a queue line in order to buy tickets or cards from the respective metro stations.
The RuPay Smart key chain was developed to allow customers and clients to perform contactless payment transactions up to approximately USD 60 (INR 5000) without the use of a PIN. At the same time, users will be required to leverage a PIN authentication for transactions above this sum, with a limit of USD 120 (INR 100000) per day at any Point-of-Sale (POS) terminal.
Federal Bank represents a financial institution that focuses on personal, NRI, and banking partners in order to optimise the development expanse of customers across the region of India, in both rural and urban areas. It also focuses on launching and growing a secure credit portfolio in order to deliver quality and security to its users and partners.
The partnership with NPCI is expected to enable the Federal Bank to introduce the RuPay Smart Key chain in order to allow users to access convenience and security through all digital transactions they make. Flash Pay will also deliver clients the possibility to benefit from improved compatibility, as the product was developed in order to merge with a wide range of devices and payment terminals.
Throughout this product launch, Flash Pay is expected to provide customers with the possibility to access a compact solution for secure and efficient transactions on the go. In addition, the Flash Pay tool will allow clients to make safe payments with the use of a single tap, a process that is set to limit the need for physical cards or cash. Federal Bank will continue to focus on meeting the needs, preferences, and demands of its customers in an ever-evolving market while remaining compliant with the regulatory requirements and laws of the industry as well.
Included in the list of benefits offered by Flash Pay is optimised safety, as the product was developed with built-in security features such as tokenisation and encryption, which will ensure that the purchases are kept protected. In addition, the services enable users to make contactless payments at several merchants across the region of India.
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