Kotak Mahindra Bank (KMB) has launched a bank agnostic mobile money transfer service over Facebook in India.
The KayPay application taps into India’s Immediate Payment Service for mobile phone payments to enable instant funds transfers from user accounts. Senders and recipients only need to register their account details once. To initiate a transaction, users need their Facebook ID and password and a one-time password from KMB. Both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
India’s Icici Bank launched a more complicated Facebook money transfer service last year, which required both sender and recipient to exchange coupons, passcodes and bank account details for each and every transaction.
“KayPay is bank agnostic, facilitating transfer of funds instantly,” said Shanti Ekambaram, president of consumer banking at KMB. “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.”
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