Kotak Mahindra Bank enables mobile numbers-based fund transfer

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MUMBAI: Kotak Mahindra Bank has launched a ‘Pay Your Contact’ function on its cell banking app that permits prospects to ship cash or make payments to any of their contacts throughout all cost apps just by coming into the beneficiary’s cell quantity.
The transaction is feasible with solely the telephone quantity with out having to recollect or acquire the checking account quantity or IFSC code or keep in mind UPI IDs to ship cash or make funds.
All a buyer must do is choose a contact saved on one’s cell phone or enter the cell variety of the beneficiary, choose the UPI app or a KMBL account linked to the beneficiary’s quantity and switch cash. The ‘Pay Your Contact’ function is interoperable throughout all cost apps and is accessible on each Android and iOS.
Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Financial institution mentioned, “Kotak prospects can now make their funds to a pal, family assist, neighbourhood store and so on simply by understanding the beneficiary’s cell quantity. Additional, it additionally enhances safety since fund transfers and cost transactions to any UPI ID may be carried out from the protection of the Kotak cell banking app itself and prospects needn’t trouble downloading a number of cost apps on their telephone.”
“Given the immense recognition 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 cost apps with only a cell quantity to establish their beneficiary,” added Sharma.

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