Kotak Mahindra Launches First Bank-agnostic Funds Transfer Platform

Kotak Mahindra Bank (KMB) has announced the launch of KayPay, the world’s first bank agnostic payment product for Facebook users to send money to each other in an instant.

According to the company statement, 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 enables over 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list.

KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication—Facebook user ID and password and a one-time password (OTP). Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.

Shanti Ekambaram, president, consumer banking, Kotak Mahindra, said, “KayPay is a revolutionary digital banking innovation that leverages social media to offer a better and secure payment platform to 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.”

Ekambaram added, “We are constantly working to deliver seamless and convenient banking solutions across all channels, especially digital banking, to the entire community.”

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 www.kaypay.com. Currently, KMB is offering KayPay at no cost to users.