MUMBAI: Kerala based private area moneylender Federal BankBSE – 0.60 % has run live with their Unified Payments Interface (UPI) application "Lotza" on the Google Play Store. Therefore Federal Bank joins the rundown of Union Bank of India, United Bank of India, Axis Bank and few other people who have begun running live with their UPI applications subsequent to accepting the gesture from the Reserve Bank of India and National Payments Corporation of India.
Based on the idea 'Records of various Banks on one App', Lotza offers consistent and secure monetary exchange ability between records of various Banks through a solitary application. Remembering account numbers and entering them in for each exchange will now turn into a relic of times gone by as Lotza works on the premise of virtual IDs which can be imparted to recipients without the danger of uncovering the record numbers
"Government Bank has dependably been concentrating on giving comfort to the clients to work their record with us consistently. Lotza comes up 'til now another effective apparatus in our officially solid collection of Digital offerings.
Lotza has in it every one of the capacities to wind up a portable saving money bellwether and UPI thusly will change the way Indians impact their budgetary exchanges. Altogether, This application – Lotza – can be utilized effortlessly by a client of any Bank," said Babu K A, head, computerized saving money, Federal Bank.