Federal Bank extends UPI for NRIs

Federal Bank has announced a groundbreaking development that enhances banking convenience for its NRI clients. The Bank, has launched UPI (Unified Payments Interface) integration for NRE clients through its mobile banking platform, FedMobile.

Traditionally, NRE clients have faced challenges when it comes to making payments to merchants, especially in tier 2 and tier 3 cities where POS (Point of Sale) machines may not be readily available. Federal Bank, in its continuous pursuit of providing cutting-edge solutions, has now bridged this gap with the introduction of UPI for NRIs on FedMobile.

Shalini Warrier, Executive Director, Federal Bank, remarked, "UPI has become synonymous with payments in India and in many countries worldwide. The Indian diaspora should not, in our view, be deprived of the benefits of this unique payment capability. The introduction of UPI for NRIs on FedMobile will enable our valued NR customers to transact seamlessly. We believe this will further strengthen our commitment to "Digital at the fore, human at the core."

Key Highlights:

Expanded Accessibility: With the integration of UPI, NRI customers residing in countries approved by the NPCI (National Payments Corporation of India) permitting UPI for NRIs can seamlessly utilize UPI features through FedMobile. The NPCI approved countries include Singapore (+65), Australia (+61), Malaysia (+60), Canada (+1), Hong Kong (+852), Oman (+968), Qatar (+974), United States of America (+1), Saudi Arabia (+966), United Arab Emirates (+971), and United Kingdom (+44). Additional countries will be included as and when approved by NPCI.

Indian Mobile Number Compatibility: Any NRI customer with an Indian mobile number (+91) registered in the Bank's records can also avail of this facility, further enhancing accessibility.

Versatile UPI Payments: With UPI on FedMobile, NRE clients can enjoy a wide range of payment options, including Send Money (via Mobile Number/UPI ID/Account Number), Scan N Pay (for any UPI-supported QR code), UPI Collect (using Mobile Number/UPI ID), and UPI Mandate approvals, including those for IPO Subscription.

This exciting feature is not limited to just FedMobile; it is also available through any UPI applications that support UPI for NRIs, providing NRE clients with flexibility and choice. Federal Bank's relentless pursuit of innovation continues to redefine banking convenience and accessibility, bringing modern solutions to the ever-evolving needs of its diverse customer base.

Shares of The Federal Bank Limited was last trading in BSE at Rs. 144.85 as compared to the previous close of Rs. 146.50. The total number of shares traded during the day was 430303 in over 5896 trades.

The stock hit an intraday high of Rs. 145.55 and intraday low of 143.10. The net turnover during the day was Rs. 62143088.00.

Source : Equity Bulls

Keywords

TheFederalBank INE171A01029 UPI NRIs