In a major push to the way banking is done in India one of the youngest private sector bank Kotak Mahindra Bank has launched a new Facebook based instant fund transfer service. This new service which is targeted at new generation customers would allow them to send money to friends on the social media network real time at no extra cost.
Speaking about the new service launched by Kotak Mahindra Bank, Executive Vice President and head of digital initiatives, Deepak Sharma was quoted as saying, “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.” He further added that “KMB has worked closely with the Reserve Bank and the National Payments Corporation of India for it.”
Deepak Sharma while speaking about the security aspects of transferring money through Facebook said that it is fully secure, even in the event of the Facebook account getting compromised as it uses two-factor authentication to complete a transaction. Additionally, there is also an expiry time for a transaction. The new facility of transferring money through Facebook will not be charged and the account holder can transfer money to any of the 28 banks which are under the IMPS platform.
To use this facility a account holder of Kotak Mahindra Bank will have to register on a dedicated website which the bank has floated for this initiative called ‘KayPay’ where in all the account details of the customer has to be feeded in. Once the customer registers on ‘KayPay’, the the sender can initiate transactions and if the beneficiary is not registered on KayPay, he will be directed to a page to register for completed a transaction.
The bank has set a limit of Rs 2,500 per transaction and a total of Rs 25,000 a month for sending.
