back Back

Kotak enables customers to gift wrap their money transfers

By Leandra Monteiro

September 01, 2021

Share

Kotak, EMI, payments, Hyperform, Act21 Software, digitalKotak 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.

Previous Article

September 01, 2021

Spice Money partners with Israel’s Tarya to launch rural lending platform

Read More
Next Article

September 01, 2021

Scienaptic’s AI-powered credit decision platform now live with GCU

Read More








IBSi Daily News Analysis

March 22, 2024

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023