Media Release
Introducing 'Pay Your Contact'
Kotak Customers can now Transfer Money and Make Payments
simply with a Mobile Number
Mumbai, 23rd June 2021: Kotak Mahindra Bank (KMBL) today announced the launch of 'Pay Your Contact' - an innovative 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 | Pay Your Contact |
remember or obtain the bank account number or IFSC code | |
∙ Customer logs into the Kotak Mobile Banking | |
or remember UPI IDs to send money or make payments. All a | |
app | |
customer needs to do is select a contact saved on one's | ∙ Taps on the 'Pay Your Contact' icon and |
mobile phone or enter the mobile number of the beneficiary, | completes the transaction in 3 simple steps: |
select the UPI app or a KMBL account linked to the | ∙ Step 1: Selects a contact or enters the mobile |
beneficiary's number and effortlessly transfer the money - | number of the beneficiary |
straight from the Kotak mobile banking app. The 'Pay Your | ∙ Step 2: Chooses the app to transfer money to |
Contact' feature is interoperable across all payment apps and | -> Selects the Kotak icon if the receiver is a |
KMBL customer | |
is available on both Android and iOS. | |
OR | |
Deepak Sharma, President and Chief Digital Officer, Kotak | -> Selects any of the payment apps displayed |
on the screen. | |
Mahindra Bank said, "The 'Pay Your Contact' feature on the | ∙ Step 3: Customer enters the amount, reviews |
Kotak mobile banking app has made payments as easy and | the transaction details and confirms |
simple as can be. Kotak customers can now make their | ∙ The payment is complete! |
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.
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license
from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.
The Bank has four Strategic Business Units - Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 31st March, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,604 branches and 2,598 ATMs, and branches in GIFT City and DIFC (Dubai).
For more information, please visit the company's website at https://www.kotak.com/.
For further information, please contact:
Phiroza Choksi | Sakshi Denis | Rakesh Sharma | Himadri Buch | ||||||||
Kotak Mahindra Bank | Kotak Mahindra Bank | Fortuna PR | Fortuna PR | ||||||||
Phone: +91 98203 63681 | Phone: +91 70454 74287 | Mobile: +91 98335 37679 | Mobile: +91 98203 46715 | ||||||||
Phiroza.Choksi@kotak.com | Sakshi.Denis@kotak.com | Rakesh@fortunapr.com | Himadri@fortunapr.com | ||||||||
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Disclaimer
Kotak Mahindra Bank Limited published this content on 23 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2021 00:42:05 UTC.