Mumbai: Federal Bank has launched its ‘Lotza U-Pos’ (UPI POS), which enables merchants to collect their payments at their outlets. In a function held at Cochin International Airport, the U-Pos was formally launched by Shyam Srinivasan, MD& CEO, Federal Bank by handing over the machine to V J Kurian IAS, Managing Director, CIAL.
The U-Pos machine is an alternative to the normal POS machines, in which the merchant enters the bill amount and a QR code for the corresponding amount is generated instantaneously. The customer scans the QR code thus generated with any UPI app and completes the payment. The payment is instantly credited to the merchant’s account.