Kotak Mahindra Bank (KMB) has rolled out a new Facebook based money transfer platform. With this initiative, a user can send money to friends on the social network in real time for free.
In order to use the service, it is not mandatory for a sender or receiver to have an account of the Kotak Mahindra bank. Users will need to register on a new website called ‘KayPay’ and fill-in the bank account details and bank’s Mobile Money Identification Number (MMID). After going through the formalities of registering on KayPay one can proceed to transactions.
“This is a bank agnostic product, the sender and the receiver may not be our account holders. We have used the IMPS platform on the National Payments Corporation of India (NPCI) network to make this possible,”
KMB’s executive vice president and head of digital initiatives, Deepak Sharma, told PTI.
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). Currently, the bank has set a limit of INR 2,500 per transaction and a total limit of INR 25,000 a month for both sending and receiving.
At present, only ICICI bank allows fund transfers via Facebook but only for its own account holders.