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Kotak Mahindra Bank rolls out Facebook-based money transfer service

14/10/2014

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Kotak Mahindra Bank (KMB), which is a private sector lender, has launched an instant fund transfer service based on Facebook. The service will allow users to send money to friends on the social media network real time, for free.

“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 over phone.

As of now, the sender will be able to initiate fund transfer to any person through mobile phone, courtesy the IMPS infrastructure.
Account holders of any of bank that comes under the IMPS platform can use the newly launched service. At present there are 28 banks under the IMPS platform. Moreover, there is not going be any charge either for sending or receiving the money at present.

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As revealed by Mr. Sharma KMB has worked closely with the Reserve Bank and the National Payments Corporation of India for it to happen.

The sender will need to register on a dedicated website for the initiative called ‘KayPay’ and fill in some important details such as the bank account details and the bank’s MMID, apart from personal credentials. Once done, the sender can initiate transactions however even the beneficiary needs toi be registered on KayPay and if he is not, he will be directed to a page to register for completed a transaction. The transaction will however be executed faster if the beneficiary is registered on KayPay.

To ensure the security, the system uses two-factor authentication to complete a transaction. Moreover, there is also an expiry time for a transaction. As set by KMB, there would be a limit of Rs 2,500 per transaction and a total of Rs 25,000 a month for sending, while a beneficiary may also not get more than Rs 25,000 a month.

“We wanted to make fund transfers for small amounts as less cumbersome as possible,” Sharma said.

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