Kotak enables customers to gift wrap their money transfers

By Leandra Monteiro

Kotak Mahindra Bank Limited (KMBL) has introduced a special greeting feature to its recently launched payments service on its mobile banking app – ‘Pay Your Contact’. In addition to sending money or making payments in an instant to any contact simply by entering the beneficiary’s mobile number, Kotak customers can now also send a customised greeting or message to their contact together with the money transfer. Customers can also choose from a range of stickers to go along with the personalised message.

This new feature allows customers to send a personal note and greeting attached to their money transfer on special occasions like, Diwali, Christmas, Eid, birthdays, anniversaries and others. The greetings feature can also be used by customers to send a simple ‘Thank You’ note to house help, kirana shops, delivery personnel and others at the time of making a payment.

Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “Gifting money to express one’s love or appreciation is among the most followed traditions in India. At times, money transfers can seem a bit impersonal. A small gesture such as sending a personalised message that conveys one’s sentiments can bring people closer together. This new feature also takes on new meaning as it brings about emotional proximity in an age of social distancing.”

KMBL introduced the ‘Pay Your Contact’ feature on its mobile banking app in June this year. ‘Pay Your Contact’ uses the Unified Payments Interface (UPI) platform and enables customers to send money or make payments to any of their contacts across all payment apps just by entering the beneficiary’s mobile number. The ‘Pay Your Contact’ feature is interoperable across all payment apps and is available on both Android and iOS.