Federal Bank Ltd. has become the latest bank to join the National Financial Switch of India, according to the Kochi-based bank.
Managed by National Payments Corp. of India, the National Financial Switch is India’s largest network of shared ATM, connecting some 61,200 machines across 44 banks.
The network switch is set to be the backbone of IndiaPay, the country’s domestic card payment system that could roll out within three years (
“This would allow our customers to access all these 61,200 ATMs as well as our own ATMs,” a Federal Bank official tells PaymentsSource.
Federal Bank, which deploys 759 ATMs, already is connected to the Visa Plus and MasterCard Cirrus ATM networks, and it issues both Visa- and MasterCard-branded debit cards, according to the official.
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