No, this is not a dream where you can wake up and find these things too good to be true. You do have the power to transfer money to your friends via Facebook. Surprisingly though, this service is the result of the efforts of Kotak Mahindra Bank which launched its KayPay service on 13th October, 2014. The best part about this service is that it is bank agnostic and it is available free of charge. Now you can help out your friends during those “month-end-financial-crisis” or at any point of time, even if it requires you to send the amount in the middle of the night.
How is This Different from Regular Net Banking?
This is different from net banking because you do NOT need your net banking credentials for using it. You do not even need the banking details of your friend. You only need to be connected to your friend(s) on Facebook and KayPay would take care of the rest. This is the first any bank to any bank fund transfer platform that not only operates through one of the largest social networks in the world, but it is also powered by a bank which means that all of the transactions are secure and authentic. With KayPay, over 250 million bank account holders in India can transfer money by simply selecting their friends from the list.
How To Register for KayPay?
Users would have to register their bank accounts by providing the required details on KayPay or on Facebook. This is a one-time registration requirement which would be supported by the IMPS (Immediate Payment System) P2M Pull platform by National Payment Corporation of India. Once this registration is done, you would be able to transfer money to your relatives, friends or just about any one as long as they are added to your friend list. Don’t worry. There are no direct or indirect (hidden) costs associated with KayPay so you can register your account with complete assurance of the safety of your personal information. After all, it is being backed by one of the most respected banks in the country, Kotak Mahindra.
The “Official” Opinion About KayPay
Shanti Ekambaram, President of Consumer Banking at Kotak Mahindra shared his opinion about this innovative service. He said, “KayPay is a revolutionary Digital Banking innovation that leverages social media to offer a better and secure payment platform to all. 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.”
Considering the emergency requirements of funds at odd times and the unavailability of all the banking details (IFSC Code, Card Number, Bank Account No., Etc.) this service has come as a boon to millions of bank account holders who can now be assured on immediately transfer money when the need arises. This can prove to be pretty handy when the requirement is for medical treatments or for other emergencies.
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