Kotak Mahindra has launched world’s first Facebook based instant funds transfer platform: KayPay. The beauty of this online based Social banking platform is its simplicity: now anyone can transfer funds between their Facebook friends without using net banking / debit cards or any hassles.
A KayPay user can transfer money in 3 simple steps – The only pre-requisite is that should have registered themselves with KayPay:
- Step 1: Select a friend on your Facebook account whom you want to transfer funds
- Step 2: Enter the amount you wish to transfer
- Step 3: Authorize the transaction using one time password (OTP).
That’s it. You are done with the funds transfer.
The following are some of the unique features of this platform, that cannot be observed anywhere else:
– You are not required to know the bank details of the recipient; hence no more searching for the IFSC code, bank account number, bank address of the recipient before transferring the cash.
– Money transfer within 24 hours
– With Facebook account credentials and one time password, you can literally operate your whole digital business, using this platform
– World’s first such Facebook based ‘Bank Agnostic Instant Funds Transfer Platform’
How It Works Internally?
The whole platform is based on National Payment Corporation of India (NPCI) initiated Interbank Mobile Payment Service (IMPS) which was launched in 2012 as a service to help small merchants and traders to accept payments easily. Before using this extremely easy banking service from Kotak Mahindra, users need to register themselves with IMPS and associate their bank accounts with them.
Thus, the only ‘criteria’ for using KayPay is that your bank should be able to support IMPS; and as per our last research, most of the private and public banks have already partnered with National Payment Corporation of India to facilitate this service.
As of now, this service would be available for all the major banks including Kotak Mahindra Bank, State Bank of India, A P Mahesh Co-operative Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bassein Catholic Co-op, Canara Bank, Corporation Bank, Cosmos Co-operative Bank, Dombivli Nagari Sahakari Bank, Federal Bank, Greater Bombay Bank, IndusInd Bank, Jammu & Kashmir Bank, Janata Sahakari Bank, Karur Vysya Bank, Mehsana Urban Co-operative Bank, Oriental Bank of Commerce, Punjab and Maharashtra Co-op Bank, State Bank of Hyderabad, State Bank of Mysore, Union Bank of India, Yes Bank, State Bank of Bikaner & Jaipur, State Bank of Patiala, State Bank of Tranvancore, United Bank of India.
Here is a list of 64 banks and other financial institutions which support IMPS platform as of now; and which can be included in this platform very soon.
Safety and Security of Account Holders?
Kotak Mahindra has said that they have implemented sufficient security measures to remove any threat of security and safety for the bank account holders.
- The transaction will only process when the one time password is matched, after the user logs in via Facebook account. Hence, there is a two level security process here.
- All authentications and verifications would take place at Kotak Mahindra’s servers.
- This app will not post any message/update on your Facebook account, without your permission
- No bank account details would be shared with Facebook
There is a comprehensive FAQs section which can be accessed here.
Earlier in the year, Kotak Mahindra has launched a special banking paradigm keeping in mind the social media users especially Twitter followers: JiFi Banking Account.
Do share your feedback after using KayPay and the magic of social media banking, by commenting right here!