Kotak Mahindra Bank offers KayPay, Facebook based instant money transfer service
Updated: Oct 13, 2014 05:25:27pm
Mumbai, Oct 13 (KNN) Private sector lender Kotak Mahindra Bank (KMB) today launched KayPay, which will enable over 25 crore Indian bank account holders to instantly transfer funds to their friends listed on their Facebook accounts for free.
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, KMB said in a statement.
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 and password and a One Time Password (OTP).
Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
The users will have 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. This would be a one-time process. Currently, KMB is offering KayPay at no cost to users. (KNN/SD)
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, KMB said in a statement.
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 and password and a One Time Password (OTP).
Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
The users will have 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. This would be a one-time process. Currently, KMB is offering KayPay at no cost to users. (KNN/SD)
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