Banking Made Easy with KayPay App

by Vinaya HS on December 17, 2015

in Finance

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KayPay is a unique money transfer mechanism introduced by Kotak Mahindra Bank. It is a quick, simple and convenient way to send money to your friends even when you do not know their account numbers. The app allows users to remit money from any bank by using their Google+ ID, Facebook ID, mobile number of recipients or email ID.

With this amazing application, you do not need to add multiple beneficiaries to send money. Managing multiple beneficiaries especially when you may need to transfer funds only once is tough and cumbersome. Now simply connect contact lists and friends on Google+ and Facebook and transfer funds the KayPay way.

Steps to start using the app:

  • Add bank account – Users can add the bank account from where the money needs to be transferred. Registering the account is quick and simple; click on the sign-up button and provide details like name, email id, mobile number, and password. After verifying the mobile number and email id, the bank account is added. Kotak Bank users will have to provide their CRN numbers at the time of registration on KayPay. Other users are required to provide their MMID numbers for registering to using this app.

  • Connect with friends on Google+ and Facebook – After finishing the registration procedure, you can add people from your friends list on Google+ and Facebook. In the next step, select the bank account from where you want to transfer the money. If you have registered multiple accounts, the app chooses the default account for initiating the transfer. Once you enter the amount, the system will ask you for the OTP (one-time password), which is sent to your mobile number. To complete the Facebook fund transfer, you need to confirm the transaction.

  • Fund receipt – Registered KayPay users will receive the transferred amount immediately. For unregistered recipients, the system sends a notification link via SMS or Email asking for completing the registration procedure. The recipient after registering the bank account where she/he wants to receive the money will have the same credited.

  • Confirmation – The senders, as well as the receivers, are sent confirmation of executed transactions on their registered mobile numbers. Additionally, confirmation is sent on their Facebook accounts.

Benefits of KayPay

  • Account holders of Kotak Bank along with 28 other banks can use this money transfer service providing versatility to users. To know a list of banks associated, click here.

  • Fund transfer made easy and convenient even when you do not know the beneficiary bank details, such as account number and IFSC code.

  • Leverage the power of social media to transfer funds to your friends in a safe and secure environment.

  • Quick and fast transfers completed within 24 hours.

  • First app offering “bank agnostic” instant fund transfer platform offering convenience banking to users.

Security of the transaction

  • Authorization of transfer through OTP generation, which is generated by the bank. Being outside of the app, provides an additional security level for the transaction.

  • All authentications and transactions are done on the safe and secure servers of Kotak Bank.

  • The app does not share any bank details and/or transaction details on the social media networks.

  • No information is posted on Google+ or Facebook account without user permission.

Author Bio: Rachita Kotian is an independent blogger and writing has been her passion for a long time. A literature major, she loves exploring the world of health, lifestyle, travel and finance. When she’s not writing, she’s most likely listening to music, cooking, surfing the web, or catching up on the latest flick.

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