When a Customer checks out through a Merchant’s Point of Sale (POS) terminal, if a Bank can offer convenient EMI option for the payment, it would be a unique business opportunity for Card Issuers, Merchants and Brands to connect with Customers and provide them additional convenience.
The EMI offer is communicated to the Customer while initiating a payment using Federal Bank Card at the POS. If interested, the customer would be asked to select the EMI option from the POS. POS will list the tenure, and the Customer can select the EMI option and tenure. Once the tenure is selected, eligibility of the Customer is checked. If the Customer is eligible and ready to avail the EMI, the offer amount is blocked at Federal Bank against that Customer. POS can generate the charge slip to the Customer, with the EMI details. At the end of every day (or at agreed intervals), the Merchant may send the EMI conversion file to Federal Bank, with details of all EMI Transactions. The Bank can validate the transactions against the Customer, based on the ApplicationID, open a Loan Account for each Customer and disburse the Loan amount.
Instant Loan at POS API bundle is a set of API that Federal Bank has exposed to enable Service Providers at POS terminals to extend convenient EMI facility to the Bank’s Customers on purchases.