back Back

Kotak enables customers to transfer money with just a mobile number

By Leandra Monteiro

June 23, 2021

  • America
  • Kotak
Share

Kotak Mahindra, Bank, Kotak, digital payments, National Agriculture Market, farmersKotak Mahindra Bank (KMBL) today announced the launch of ‘Pay Your Contact’ – a feature on KMBL’s mobile banking app that uses the Unified Payments Interface (UPI) 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.

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 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.

Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “The ‘Pay Your Contact’ feature on the 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.

A key component of KMBL’s digital-first strategy, the Kotak mobile banking app has added multiple customer-friendly features in the last one year that cater to the banking, payments & lifestyle needs of customers and has seen a significant surge in usage in the post-pandemic world.

Previous Article

June 23, 2021

TipRanks and Questrade partner to help Canadians make informed investment decisions

Read More
Next Article

June 23, 2021

Monneo launches corporate Visa debit card with Railsbank

Read More









IBSi Daily News Analysis

cashless payments

November 30, 2023

America

Majority of travellers prefer cashless transactions in APAC, 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

Today

Griffin announces 7 senior hires to strengthen Management Team

Read More

Today

Enfuce bags €8.5m from Vitruvian Partners, Visa and Maki.vc

Read More

Today

UK FinTech Dojo secures license to expand into Ireland

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

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