Do you know you can send money via Facebook to your friends or relative? Yes, with technology now it is possible to transfer money to someone via Facebook as well. Kotak Mahindra has recently launched World’s first Facebook-based instant funds transfer platform. It’s name KapPay. With this system one can easily send money to anyone with his/her Facebook credentials. Initially questions asked about the security over this online transfer but it is a secure way to send money to someone. Like other online transfer receiver needs to login with his/her Facebook user data and an OTP generated for this transaction.
How to send money via Facebook-KayPay system
To start with the process of money transfer via Facebook first you and your friend need to have account in Facebook.com. And then both you should have registered with www.kaypay.com. Because the amount transfers instruction will be send by KapyPay only to your Facebook friend. Let’s check out the step by step process to know how to use KayPay to send money to your Facebook friend.
- First register with kaypay.com with your Facebook user id and password. Then provide your bank account details
- If you have a Kotak Bank account then you have to provide CRN number. In fact you can know more about that from the KayPay FAQ page. If not a Kotak bank account then you have to provide a MMID number.
- After saving your data, you have to choose your Facebook-friend and send money to him.
- While sending you can create an OTP or for Kotak bank holder can generate an OTP online itself.
After you transfer the amount to your friend, he/she has to login with their Facebook user id and access their KayPay account to accept the transfer.
- A money Transfer via KayPay will be valid for 2 days max. After that amount will be reverted back to source account
You can also check out the Demo video shared in the KayPay website. Seems like another way to send money online besides regular NEFT transfer and Mobile money transfer. During this transaction the bank account data will be kept completely secure and will not at all be shared in the social media. After successful money transfer both the Facebook user will receive SMS and Facebook message notification regarding this transaction.
Did you use this new money transfer process from Kotak KayPay? Share your experience if any by a simple comment. Thanks for reading…..