Now, Transfer funds via Facebook, courtesy Kotak Mahindra

Apart from sending message to your friends sitting miles away, now you can also transfer money to your near and dear ones using social networking site Facebook. The credit for this initiative goes to none other than Kotak Mahindra Bank (KBM), which has launched a Facebook-based instant fund transfer service ‘KayPay’.

According to Deepak Sharma, KMB’s executive vice-president and head of digital initiatives, “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.”

Currently, using IMPS infrastructure, a sender can initiate fund transfer to any person through mobile phone.

Sharma also highlighted that the IMPS platform, currently, has 28 banks under it and account holders of any of these banks can use the newly launched service. However, there will be no charges for either sending or receiving the money, he said.

Notably, the sender will have to register on a dedicated website to access ‘KayPay’ where in he will have to give bank account details and the bank’s MMID, apart from personal credentials.

Once a user will complete the registration process, then, he can initiate transactions. It is worth noting, if the beneficiary has not registered on ‘KayPay’, he will be directed to a page to register for completing a transaction. However, if the beneficiary has already registered on ‘KayPay’, the transaction will be executed faster.

Examining the security aspect of this initiative, Sharma claimed it is fully secured, keeping in mind that the Facebook account gets compromised as it uses two-factor authentication to complete a transaction.

Image: trak.in