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Kotak Mahindra Bank (KMB) has launched KayPay, a bank agnostic payment product for Facebook users to send money to each other in an instant.
Millions of bank account holders can now transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee, the private sector bank said in a statement.
KayPay will enable over 25 crore Indian bank account holders to transfer funds to each other instantly by just choosing recipients from their Facebook friends list.
The bank said KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication – Facebook user id & password and a One Time Password (OTP).
Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
As a one-time process, users need to register their existing bank accounts, which participate in the IMPS (Immediate Payment System) P2M Pull platform by National Payment Corporation of India, on Facebook or www.kaypay.com. Currently, KMB is offering KayPay at no cost to users.
According to Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank, KayPay leverages social media to offer a better and secure payment platform to all.
"The convenience of not having to know payee details breaks down all barriers of a process, which otherwise requires a host of information that one may not necessarily have handy,” she said.
Source : The Hindu
Millions of bank account holders can now transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee, the private sector bank said in a statement.
KayPay will enable over 25 crore Indian bank account holders to transfer funds to each other instantly by just choosing recipients from their Facebook friends list.
The bank said KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication – Facebook user id & password and a One Time Password (OTP).
Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
As a one-time process, users need to register their existing bank accounts, which participate in the IMPS (Immediate Payment System) P2M Pull platform by National Payment Corporation of India, on Facebook or www.kaypay.com. Currently, KMB is offering KayPay at no cost to users.
According to Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank, KayPay leverages social media to offer a better and secure payment platform to all.
"The convenience of not having to know payee details breaks down all barriers of a process, which otherwise requires a host of information that one may not necessarily have handy,” she said.
Source : The Hindu
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