Kotak Mahindra Bank has launched a money transfer application called KayPay that allows you to transfer money to people on your Facebook friend list without the need for their bank account details.
You need to have an account with any of the 28 banks that have Immediate Payment Service or IMPS: an instant interbank electronic fund transfer service.
To avail of the service, you need to register your bank account on KayPay using your Facebook credentials. You must also provide the Mobile Money Identifier (MMID), a seven-digit number code issued by a bank to their customers who have registered for mobile banking to avail of the IMPS.
Once registered, you can transfer funds to your Facebook friend after entering the one-time password sent on your mobile. If your friend is already registered under KayPay, the amount gets credited immediately to the account.
Your unregistered friend, however, will have to register the bank account in which they want to receive the money with Kaypay. You can transfer Rs 2,500 in a day and Rs 25,000 in a month. Kotak Mahindra Bank will not charge any fee for this service.
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