Federal Bank Launches ‘Flash Pay’ in Partnership with NPCI for Contactless Payments

In a strategic collaboration with the National Payments Corporation of India (NPCI), Federal Bank introduces ‘Flash Pay,‘ a revolutionary RuPay smart key chain facilitating contactless NCMC (National Common Mobility Card) payments. This innovative solution enables users to tap and pay at metro stations and PoS terminals, ensuring swift transactions with enhanced security.

Key Features of ‘Flash Pay’

1. Convenient Contactless Transactions: Users can effortlessly make payments up to ₹5,000 without requiring a PIN, streamlining the payment process at various locations.
2. Enhanced Security Measures: For transactions exceeding ₹5,000, PIN authentication is mandatory, ensuring heightened security for higher-value purchases.
3. Daily Transaction Limit: A daily cap of ₹1 lakh at any PoS terminal has been instituted, offering users flexibility while ensuring prudent financial management.

Benefits of ‘Flash Pay’

1. Simplified Payments: By eliminating the need for physical cards or cash, ‘Flash Pay’ enhances convenience and expedites transactions for users.
2. Fortified Protection: With robust security features including tokenization and encryption, users can trust ‘Flash Pay’ for safe and secure digital transactions.
3. Versatile Usage: The device empowers users to make payments at millions of merchants, expanding their purchasing capabilities while maintaining security standards.