India’s Kotak Mahindra Bank has launched a new payment facility for Facebook users to send money to each other in real time.
Go deeper with GlobalData
The new service, ‘KayPay’, enables more than 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list.
"KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication – Facebook user ID and password and a One Time Password (OTP)," the bank said in a statement.
In addition, both sender and receiver immediately receive notifications through SMS and on Facebook about the transfer.
Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank, 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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"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."
Ekambaram added, "We are constantly working to deliver seamless and convenient banking solutions across all channels, especially digital banking, to the entire community."
