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.
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?
- Visit the official website.
- 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.
- Click on okay and you will be redirected to the website where you need to enter the details.
- Just enter the details and save it. Rest is like what you do in net banking.
Recommended Reading: How to use Kotak Mahindra Net Banking?
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.
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