Kotak Mahindra Bank Ltd (KMBL) announced the launch of the “Pay Your Contact” feature on KMBL’s mobile banking app which uses the Unified Payments Interface platform and allows customers to send money or to make payments to one of their contacts on all payment applications simply by entering the recipient’s mobile number.
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 straightforward as possible. Kotak customers can now make payments to a friend, housekeeper, convenience store, and more. simply by knowing the recipient’s mobile number. In addition, it also improves security, as fund transfers and payment transactions to any UPI ID can be done from the security of the Kotak mobile banking app itself and customers don’t have to. no need to worry about downloading multiple payment apps to their phone.
“The other key issue that ‘Pay Your Contact’ addresses is interoperability. Considering the immense popularity of UPI in the Indian market, almost all Indians with a bank account have a UPI ID. With ‘Pay Your Contact’, our customers can now easily transfer funds to any UPI-linked bank account via payment apps with just a mobile phone 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 bank account number or IFSC code or remember UPI credentials to send money or make payments.All a customer needs to do is select a contact saved on their mobile phone or enter the recipient’s mobile number, select the UPI app or a KMBL account linked to the recipient’s number and transfer money effortlessly – directly from the Kotak mobile banking app. interoperable across all payment apps and is available on Android and iOS. “
Never miss a story! Stay connected and informed with Mint. Download our app now !!