13 April 2016 Current Affairs:
Federal Bank ties up with Chillar Payment Solutions Pvt. Ltd., a technology driven start-up company to promote the start-up's technology product - 'Campus Wallet'.
Campus Wallet : This is a student Identity Card integrated with banking technology. Aimed at streamlining and easing the administrative tasks in school/college campuses, Campus Wallet is a futuristic ID card that facilitates students to make petty payments within their school/college campus without opening a bank account. Parents can pre-load the desired amount to these cards using their debit/credit cards or through net banking by using Federal Bank's payment gateway.Campus Wallet will help mitigate administrative hassles at schools and colleges and encourage the use of new age payment solutions among students at a young age.Students can make payments in stores, canteen, library etc within the respective campuses by flashing the Campus Wallet cards at the special swiping machines installed at these locations.Since students can use campus wallet only in their respective campuses, parents canensure control over spends using this card. Besides, reports and alert messages to parents with usage specific details like books taken from library, food consumed at canteen etc are add-on features of this new generation ID card.