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Kaypay Facebook Based Funds Transfer Platform Launched by Kotak Mahindra Bank

Kotak Mahindra Bank has initiated the unique KayPay service for Facebook users so that they could send money to friends who are on their friends list without any hassles. With the help of this Transfer Money through Facebook concept, the users do not need to know the exact details or information of the payee or anything about net banking. The users can easily transfer money by selecting the recipients from Facebook friends list. The Kaypay Payment Application is actually mobile-based Immediate Payment System introduced by National Payment Corporation of India (NPCI). It must be noted that the users need to register their valid bank accounts once in order to start using this service. KayPay utilizes Facebook user-id along with the password and One Time Password (OTP) in order to validate a transaction. After the transaction, both the sender and recipient get notification on Facebook along with the SMS.

Shanti Ekambaram, who is the President of Kotak Mahindra Bank (Consumer Banking Dept.), said that the biggest convenience of not needing to know the payee details or information actually breaks down all the barriers of a particular process or transaction, which else need a host of details and information that one might not essentially have handy. With the help of Kaypay Payment Application, thousands of vendors on Facebook can directly obtain payments from their clients or consumers on Facebook. The entire transactions carried over Transfer Money through Facebook are completely foolproof and users do not need to worry about their bank account or personal details being compromised. All the transactions are carried out in the most authentic and safe manner and users’ details are always kept confidential. This service will help users to send money to their contacts at any point of time without devoting too much time and effort as well.

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