Federal Bank, NPCI Unveil ‘Flash Pay’ for Contactless Payments

Federal Bank, in a strategic alliance with the National Payments Corporation of India (NPCI), has introduced a revolutionary product called ‘Flash Pay’ designed to transform the way customers experience contactless payments. This innovative offering takes the form of a RuPay smart keychain that facilitates NCMC (National Common Mobility Card) payments.

Effortless Transactions at Your Fingertips

Flash Pay eliminates the need to fumble for physical debit or credit cards, streamlining the payment process for a faster and more convenient experience. Users can make quick and effortless transactions of up to ₹5,000 without requiring a PIN. This feature is particularly beneficial for everyday purchases at retail outlets, grocery stores, transportation hubs, and more, allowing users to simply tap and pay without breaking stride.

Prioritizing Security for Transactions of All Sizes

For transactions exceeding ₹5,000, Flash Pay prioritizes security by mandating PIN authentication. This two-factor approach safeguards users against unauthorized transactions, especially for higher-value purchases. Additionally, a daily transaction limit of ₹1 lakh has been set at any PoS terminal, promoting responsible financial management and providing users with peace of mind.

A Collaboration Ushering in a New Era of Digital Payments

Shalini Warrier, Executive Director at Federal Bank, expressed her enthusiasm about the collaboration with NPCI. “We are thrilled to partner with NPCI to introduce the RuPay Smart Key chain – Flash Pay,” she said. “This initiative underscores our unwavering commitment to revolutionizing payment experiences while prioritizing robust digital security.” Warrier’s statement highlights Federal Bank’s dedication to staying at the forefront of digital payment innovation, with Flash Pay positioned as a secure and user-friendly solution for the evolving financial landscape.

Flash Pay: Poised to Accelerate Contactless Payment Adoption

Federal Bank’s Flash Pay emerges as a significant development in India’s digital payment landscape. By offering a secure and user-friendly contactless payment solution, Flash Pay empowers customers to make everyday transactions quicker and more convenient. This launch is expected to further propel the adoption of contactless payments across the country, aligning with India’s digital agenda and offering a secure alternative to cash-based transactions. With its focus on security, convenience, and innovation, Flash Pay has the potential to become a game-changer in the Indian contactless payments market.

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