Kotak Mahindra Bank (KMB) on 14 October 2014 launched Facebook-based funds transfer platform KayPay.
KayPay is a bank agnostic payment product for Facebook users to send money to each other.
KayPay is built on top of the mobile based Immediate Payment System (IMPS) that was launched by the National Payment Corporation of India. Users have to register their bank accounts once to start using the service.
At present, a sender can initiate fund transfer to any person through mobile phone, courtesy the IMPS infrastructure.
The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service.
The process
The sender will have to register on a dedicated website for the initiative called ‘KayPay’ wherein he will have to give bank account details and the bank’s MMID, apart from personal credentials.
KayPay is a bank agnostic payment product for Facebook users to send money to each other.
KayPay is built on top of the mobile based Immediate Payment System (IMPS) that was launched by the National Payment Corporation of India. Users have to register their bank accounts once to start using the service.
At present, a sender can initiate fund transfer to any person through mobile phone, courtesy the IMPS infrastructure.
The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service.
The process
The sender will have to register on a dedicated website for the initiative called ‘KayPay’ wherein he will have to give bank account details and the bank’s MMID, apart from personal credentials.
Once registered, the sender can initiate transactions and if the beneficiary is not registered on KayPay, he will be directed to a page to register for completed a transaction.
If the beneficiary is registered on KayPay, the transaction will be executed faster.
Facilities to the user
• Users won't have to depend on net banking or have to know the details of the payee.
• Users can transfer funds by choosing recipients from their Facebook friends list.
• There will be no charges for either sending or receiving the money.
On the security front
The bank claimed that it is fully secured, even in the event of the Facebook account getting compromised as it uses two-factor authentication to complete a transaction. Additionally, there is also an expiry time for a transaction.
If the beneficiary is registered on KayPay, the transaction will be executed faster.
Facilities to the user
• Users won't have to depend on net banking or have to know the details of the payee.
• Users can transfer funds by choosing recipients from their Facebook friends list.
• There will be no charges for either sending or receiving the money.
On the security front
The bank claimed that it is fully secured, even in the event of the Facebook account getting compromised as it uses two-factor authentication to complete a transaction. Additionally, there is also an expiry time for a transaction.
KMB has set a limit of 2500 rupees per transaction and a total of 25000 rupees a month for sending, while a beneficiary may also not get more than 25000 rupees a month.
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