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Federal Bank has enlarged the scope of its mobile based payment system – IMPS (immediate payment service) – by taking it to new areas.
IMPS’ reach will now be expanded to She Taxis plying in Kochi and for accepting offerings and donations in religious institutions. It will also be promoted through Self Help Groups, says K.A.Babu, Head (Retail Division), Federal Bank.
The facility was launched last year, enabling auto rickshaw drivers to receive fares from customers through a mobile-based system by sending an SMS to the bank.
“Auto rickshaw drivers are only one segment and there are other service areas where the bank can leverage IMPS potential. We have decided to focus not only on auto rickshaw payments but other modes of payments and customer segments as well, enabling travellers and the banking public to go for cashless mobile-based payment system,” he told Business Line .
However, he admitted that the growth of IMPS, which was launched in March 2013, has been sluggish despite its acceptance among drivers and customers. From 150 at the launch, the number of drivers who opted for IMPS has gone up to 300 and the bank has carried out over 35,000 transactions so far.
Auto rickshaw drivers who chose IMPS generally welcomed it, saying it addresses both coin shortage as well as unnecessary disputes over fares. MB Shaji, who runs his vehicle in the city’s Marine Drive area, said that the service had helped him to pay the owner’s rent from the bank account at end of every week.
PA Salim, another driver who earns more than ₹500 in a week through IMPS, says he is getting several monetary advantages, as a majority of customers transfer extra money into his bank account to round off the fare.
Though the number of drivers opting for IMPS is low vis a vis the number auto rickshaws plying in greater Kochi area, the bank official said that bank’s tech support officers at different locations are taking efforts to enrol more drivers. Today the service is mainly confined to greater Kochi area, he added.
The need, according to him, is to create awareness among both travellers and the crew on IMPS, which has turned out to be common man’s payment system. Besides IMPS, attempts will be made to promote various other technology-related products in all the four zones in Kerala and pan-India as well.
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