Fund transfer has never been this easy, as you can transfer funds from Facebook via Kaypay App by Kotak Mahindra. The main advantage of transferring through facebook is you do not need the bank details such as IFSC Code, bank account number etc.
One can transfer it by transfer apps, click on the contact in your friends list.
The app is launched by Kotak Mahindra bank, however, you need not be an account holder with Kotak Mahindra in order to use this.
Here are the easy steps to send money to friends and family using the Facebook accounts of sender and receiver.
1. Log in to your Facebook account.
2. Go to the Games under the Apps section.
3. In the search bar, type "Kaypay app"
4. Now fill in the details such as bank account number, MMID or Mobile Money Identifier number, email address and mobile number.
5. You need to enter OTP (one time password) to authenticate the trasaction. The password you will recieve after registering.
6. If the receiver is not registered on Kaypay, a Facebook notification will be sent to his account automatically.
7. If they dont register within 2 days, money will come back to you.
MMID is a 7 digit code which will be recieved by regietsered mobile banking customers. One cannot send more than Rs 2500 in a day and Rs 25000 in a month.
As a onetime process, users need to register their existing bank accounts, which participate in the IMPS (Immediate Payment System) P2M Pull platform by National Payment Corporation of India, on Facebook or www.kaypay.com. Currently, KMB is offering KayPay at no cost to users.
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.