KayPay: A Social Media Banking Platform

KayPay is a money transfer service that will be available to users through the social media platform, Facebook. The highlight of this social media banking service is that fund transfers can be initiated between Facebook friends without the need for a net banking account or other details. Launched by Kotak Mahindra Bank, money can be sent at anytime, from anywhere and for free with KayPay. It is not necessary for the payee or the sender to have an account with Kotak Mahindra to avail this service. This is a Unified Payment Interface (UPI)-based payment app that can be downloaded on Google Play Store. Customers can send and receive money using a Virtual Payment Address (VPA), without using account number or IFSC.

KayPay will work based on the Immediate Payment Service (IMPS) interface from the national Payments Corporation of India (NPCI) network. Kotak has worked in close coordination with the Reserve Bank of India (RBI) and NPCI to launch this service.

You can do the following using KayPay:

  • Send money using Facebook, UPI
  • Make balance enquires, check transaction status
  • Raise a query
  • How to Download KayPay

    To download the KayPay app go to Google Play store on your Android smartphone and search for KayPay. All iPhone users can download the app from the Apple App store without any hassle.

    How to Register/ Setup KayPay

    It is very easy to register for the service and set up the app on your smartphone by following the below steps:

    • Download the KayPay app and launch the same
    • Verify the mobile number and make sure it is same as the one linked to the bank account
    • Add bank account by going to the account section
    • Create a VPA and set up the UPI PIN to complete the registration process successfully
    • The customer is now all set to send and receive money through this interface

    Transfer Money Using KayPay via Facebook in 3 Simple Steps

    Money can be sent on this payments application using Facebook in just 3 simple steps. All you have to do is to log on to the app using Facebook and complete the registration process. Provide all required details to complete this process. Remember, while downloading the app, you have allowed it access to Facebook.

    • Step 1: Log in to KayPay. Choose a payee/beneficiary from Facebook to initiate the fund transfer
    • Step 2: Key in the transaction amount
    • Step 3: The transaction can be authorised through a One Time Password (OTP)

    Please note that you can also add a message to your friend during the fund transfer process. Money can be sent to any friend on your Facebook list. Even if a friend to whom you are sending money is not registered with KayPay, a notification will be sent to the person, asking them to register with the app to receive the payment. The payee will have to register their bank account with Kay Pay to be able to receive funds. If the beneficiary does not initiate the registration process within 48 hours of fund transfer the money will be automatically credited to the sender’s account.

    How to Send Money with KayPay

    • Step 1: Open the KayPay app
    • Step 2: Key in the VPA of the payee
    • Step 3: Enter transaction amount
    • Step 4: Key in remarks, if any
    • Step 5: Verify details and enter UPI PIN to complete the transaction successfully

    How to Request Money with KayPay

    • Step 1: Open the KayPay app
    • Step 2: Enter the VPA of the person from whom you are requesting money
    • Step 3: Key in the amount
    • Step 4: Add any remarks, verify details and confirm transaction

    KayPay Transaction Limit

    Per transaction limit Rs.2,500
    Transaction limit per month Rs.25,000

    Benefits of KayPay

    • First social media payments platform: KayPay has been labelled as one among the first and one-of-a kind Facebook-based ‘Bank Agnostic Instant Fund Transfer Platform’. The customer can send money to any Facebook friend by just choosing the same and following simple steps. The transactions will be authenticated using OTP.
    • Easy, fast and convenient: It is a very easy and hassle-free process to send money through this process. KayPay makes the money transfer process less cumbersome and super fast, especially for smaller amounts. The money transfer happens on a real-time basis and the beneficiary is credited immediately.
    • 24/7 availability: The main benefit of this type of fund transfer method is that it can be used from anywhere, at anytime of the day and all 365 days in a year. This offers the customer the aspect of convenience that not many payments methods provide.
    • No bank holidays: KayPay can be used even on bank holidays. This is a major benefit for users because it does not limit their usage even on holidays.
    • No IFSC or bank account required: The best part of Kay Pay is that there is no need to provide IFSC code or bank account number. The fund transfer process is quite simple and can be done in a few easy steps. There is also no need to register a beneficiary.

    FAQs on KayPay

    1. How does KayPay work internally?

      The social media-based payments interface works using the IMPS interface, which was launched by NPCI.

    2. How long does it take for money to be transferred using KayPay?

      Fund transfers ideally occur immediately or within a 24-hour time window, latest.

    3. Should your bank support IMPS to use this payment application?

      One of the only criterion for using KayPay is that the user’s should have a bank account that supports IMPS transfers.

    4. How many banks provide this service at present?

      Most private and public sector banks have collaborated with the NPCI to make KayPay available to consumers.

    5. Can I send money to a Facebook friend who has not registered with KayPay?

      Yes. Money can be sent. However, the payee will only be able to receive it if he/she has registered with KayPay.

    6. Will Facebook post any updates or messages through the app on my Facebook wall?

      No. The app will not post anything without the permission of the user.

    7. Will my bank account and other personal details be shared with Facebook?

      No. Personal or bank account details will not be shared with the social media website at any point of time.

    8. Will the payee receive a confirmation after the funds are transferred?

      Yes. Both the payee and the sender will receive an SMS after successful fund transfer. This will also be supported with a Facebook notification.

    9. What can the user do if the funds transfer has been initiated but the payee has not received the funds?

      Usually, this may occur in case of server problems and in such a case the money will be recredited within a 24-hour time frame. If, this does not happen, customers can register a complaint online on the app.

    10. Is it necessary to have an account with Kotak to use KayPay?

      No.

    11. How can users file a complaint in case of a dispute?

      In such cases, you can call the customer care or write an email to the KayPay complaint ID.

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    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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