Kotak Mahindra Bank Ltd (KMBL) introduced the launch of the ‘Pay Your Contact’ characteristic on KMBL’s cellular banking app that makes use of the Unified Payments Interface platform and permits prospects to ship cash or make funds to any of their contacts throughout all fee apps just by coming into the beneficiary’s cellular quantity.
Deepak Sharma, president and chief digital officer, Kotak Mahindra Bank stated, “The ‘Pay Your Contact’ characteristic on Kotak cellular banking app has made funds as simple and easy as could be. Kotak prospects can now make their funds to a good friend, family assist, neighbourhood store and so on. simply by figuring out the beneficiary’s cellular quantity. Further, it additionally enhances safety since fund transfers and fee transactions to any UPI ID could be completed from the security of the Kotak cellular banking app itself and prospects needn’t trouble downloading a number of fee apps on their telephone.”
“The different key situation that ‘Pay Your Contact’ addresses is that of interoperability. Given the immense reputation of UPI within the Indian market, nearly each Indian with a checking account has a UPI ID. With ‘Pay Your Contact’, our prospects can now switch funds simply to any UPI-linked checking account throughout fee apps with only a cellular quantity to determine their beneficiary,” added Deepak.
How to switch cash
According to the press launch, “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 effortlessly 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.”
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