Indian bank Kotak Mahindra (KMB) has unveiled a mobile money transfer service enabling Facebook users to make funds transfers to each other.
The KayPay application utilises India’s Immediate Payment Service for mobile phone payments, enabling users to register their account details and conduct transfers using their Facebook log-in credentials and a one-time password from KMB. Users also receive instant notifications via SMS and on Facebook regarding the transfers.
Shanti Ekambaram, president of consumer banking at KMB, says: “KayPay is bank-agnostic, facilitating transfer of funds instantly. 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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