1 min read.Updated: 23 Jun 2021, 01:48 PM ISTLivemint
The bank has launched a ‘Pay Your Contact’ feature on mobile banking app that uses the UPI platform.
The feature would allow customers to send money or make payments to any of their contacts across all apps by entering the beneficiary’s mobile number.
Kotak Mahindra Bank Ltd (KMBL) announced the launch of the ‘Pay Your Contact’ feature on KMBL’s mobile banking app that uses the Unified Payments Interface platform and allows customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary’s mobile number.
Deepak Sharma, president and chief digital officer, Kotak Mahindra Bank said, “The ‘Pay Your Contact’ feature on Kotak mobile banking app has made payments as easy and simple as can be. Kotak customers can now make their payments to a friend, household help, neighbourhood shop etc. just by knowing the beneficiary’s mobile number. Further, it also enhances security since fund transfers and payment transactions to any UPI ID can be done from the safety of the Kotak mobile banking app itself and customers need not bother downloading multiple payment apps on their phone."
“The other key issue that ‘Pay Your Contact’ addresses is that of interoperability. Given the immense popularity of UPI in the Indian market, almost every Indian with a bank account has a UPI ID. With ‘Pay Your Contact’, our customers can now transfer funds easily to any UPI-linked bank account across payment apps with just a mobile number to identify their beneficiary," added Deepak.
How to transfer money
According to the press release, "With ‘Pay Your Contact’, KMBL customers no longer need to remember or obtain the bank account number or IFSC code or remember UPI IDs to send money or make payments. All a customer needs to do is select a contact saved on one’s mobile phone or enter the mobile number of the beneficiary, select the UPI app or a KMBL account linked to the beneficiary’s number and effortlessly transfer the money – straight from the Kotak mobile banking app. The ‘Pay Your Contact’ feature is interoperable across all payment apps and is available on both Android and iOS."