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Kotak Mahindra Launches KayPay to Transfer Money using Facebook

Send money through Facebook using Kotak Mahindra’s Kaypay

Yes, you read that right. Now you can transfer money by using Facebook. This is made possible by Kotak Mahindra Bank which launched a service, KayPay, based on Facebook for instant fund transfer. By using KayPay, a user can send money to his friends on the world’s most popular and used social media network in real time and it is free of cost.

kaypay - payment using FB

There is no need that the sender and receiver should be account holder of Kotak Mahindra bank. To make this possible IMPS platforms are used which run on the National Payments Corporation of India’s (NPCI) network.

At present, 28 banks are registered under the IMPS platform and this service can be used by any account holders of any of these banks. There are no extra or additional charges for using this service.

How does KayPay works?

A dedicated website is made for this service on which the sender needs to register. For registering, you need to log in by Facebook and after that you will have to give the details of bank account details along with the bank’s MMID. Personal credentials also needs to be added.

Once a user is registered, he can start the transactions and if the receiver is not registered on KayPay, he will be directed to another page to register so that the transaction can be completed. A faster transaction can take place only if the beneficiary is registered on KayPay.

Whenever there is Facebook involved, the problem of security rises and for tackling this Bank has claimed that this service is fully secure, as the Facebook user account which is getting compromised will uses two-factor authentication to complete a transaction. Apart from that, an expiry time is also there for every transaction.

Right now, the bank has set a limit of INR 2,500 per transaction and a total limit of INR 25,000 a month for both sending and receiving.  According to bank officials, they wanted to make small amount fund transfer as less cumbersome as they can. At present, only ICICI bank allow fund transfers by Facebook but only for his own account holders.

How to use?

kaypay facebook

  • Click on Login with Facebook and it will open a new tab for you. It will ask you to enter your Facebook password. Once you will enter the password. It will ask for permissions.

facebook app

  • Click on okay and you will be redirected to the website where you need to enter the details.

kotak mahindra

  • Just enter the details and save it. Rest is like what you do in net banking.

Recommended ReadingHow to use Kotak Mahindra Net Banking?

Final Verdict:

Facebook has got everything. You can connect with people, talk with your relatives, share your stories and now you can send and receive money too. At present, the bank has not set any target of the transactions but KayPay has got huge scope with at least 250 million active Facebook users having a bank account, who can be benefited from it.

Comments (6)

  • Hi Atish,

    thanks for sharing, and i am gonna try this, thank-you very much

    karan
    Karan Rawat recently posted…Why you should visit Gujarat!My Profile

    Reply
  • Hi Atish,

    Yes indeed, I just read about it in today’s newspaper 🙂

    One is so used to PayPal as a global platform where payments are concerned and it’s a tried and tested place, so one knows nothing can go wrong there. Although KayPay says it would take care of the security issues, I wonder whether we could really give all the bank details just like this. Wouldn’t it be better to make your deals through a normal bank, instead of using Facebook? (for Indian users of course). What about International clients? Can this dealing be done on Facebook even with them for Rs.2500 as their limit presently? If that is so, then it would be still worth it because there are some countries where PayPal doesn’t work.

    Thanks for sharing. Have a nice week ahead 🙂

    Reply
    • Yes Harleena,
      Paypal is widely recognised and safe as well. Lets see how kaypay work further when it comes to security, They promise that no bank details will be shared with facebook. I am little disappointed with the daily limit because If I have to pay someone a sum of 10k then I cannot pay him as the limit is 2500 INR only :(.

      It is for indian users as Kotak mahindra has putted a line on its website about kaypay as:

      First of its kind money transfer service for all Facebook users in India providing a simple way to send money to Facebook friends, without even knowing their account numbers. This revolutionary app lets you transfer money* from any bank to any bank simply through your Facebook login.

      So lets see how it goes! 🙂 I hope they will increase the limit of sending money.

      Reply
  • Hi Atish,
    Its Reailly Nice Of You….
    Even I M Going To Try It…..
    I Have Some Thing To Share With You People….

    Reply
  • Hi Atish!
    It is a good information ,
    I am going to try it .
    Thanks bro.!
    Subodh Kumar Sharma recently posted…Run Android Apps on Google ChromeMy Profile

    Reply
  • Hello Atish,

    Wow, great news but money transfer limit is so low. Other wise idea is great and it’s going to rock .
    Akash Sabharwal recently posted…SEO in the age of Google’s panda, penguinMy Profile

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