Kotak Mahindra Bank, today, launched KayPay, a new product wherein one can send money instantly to Facebook friends. The service is free and bank agnostic. For the first time ever, 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. KayPay is the world’s first any bank to any bank fund transfer platform via Facebook powered by a bank. KayPay enables over 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list. Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank, said, “KayPay is a revolutionary Digital Banking innovation that leverages social media to offer a better and secure payment platformto all. KayPay is bank agnostic, facilitating transfer of funds instantly. 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.” As a onetime 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 kaypay. Currently, KMB is offering KayPay at no cost to users. https://in.finance.yahoo/news/now--transfer-money-instantly-to-your-friends-via-facebook-110931778.html
Posted on: Tue, 14 Oct 2014 06:42:26 +0000
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