Kotak Mahindra Bank has launched “KayPay”, a Fund Transfer service for Facebook users. Now a Facebook user can send money to other Facebook users who are in his/her “Friends List” for free.
Kotak Mahindra Bank is not charging any fees for this service. And there is no need for you to have an account with Kotak. Also, you can transfer the money anytime i.e., 24/7.
How to transfer money using Kotak’s KayPay ?
- Login to your Facebook account. Go to “Games & App section”. Search for Kaypay app.
- (Or) You can visit directly kaypay.com . Login using your Facebook credentials.
- In the next step, key-in your Bank account details like Bank name, Bank Account no, MMID (Mobile Money Identifier), Email address and Mobile number.
(Click on the image to open it in a new window)
- Your Bank Account is not necessarily be with Kotak Mahindra Bank. This service can be utilized by the account holders of around 28 banks.
- If you have registered for Mobile banking then you can contact your respective bank to get MMID number. You have to enter this 7 digit code in Kaypay online form. (In the above image you can see the details on how to get MMID of your bank account.)
- Once you have entered all the required details then you can transfer money instantly to any of your Friends who are on Facebook.
- You have to enter OTP (One Time Password) to complete the transaction from your (Sender) side
- If the receiver (beneficiary) of your money is not a registered user of Kaypay then he/she will get a link/notification on Facebook to register for the same. Your Friend (receiver) has to register his Bank Account in which he/she wants to receive the monies.
- If the receiver is an already registered Kaypay user then the Fund transfer is executed immediately.
- Both the receiver (Payee) and the Sender will receive the transaction confirmation on mobiles and also on the respective Facebook accounts .
What is the maximum amount I can send using Kotak’s Kaypay?
Kotak Mahindra Bank has set a limit of Rs 2,500 per transaction and a total of Rs 25,000 a month for sending, while a beneficiary may also not get more than Rs 25,000 a month.
One major benefit with this service is, the entire process can happen even if you do not know the Payee’s (Receiver’s) bank account details. The two main requirement are that you should have your mobile number registered with your bank. Secondly, you should be a registered user of Kotak’s Kaypay service.
KMB has worked closely with the Reserve Bank and the National Payments Corporation of India for implementing this service. Kotak Bank believes that this is a revolutionary Digital Banking innovation which leverages social media to offer a better and secure payment platform to all.