Kotak Mahindra Bank unveils KayPay

Kotak Mahindra Bank (KMB) has launched KayPay, the world’s first bank agnostic payment product for Facebook users to send money to each other in an instant. For the first time ever, millions of bank account holders can now transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee.

KayPay facilitates over 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list. KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication-Facebook user id & password and a One Time Password (OTP). Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.

Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.