KayPay: A Social Media Banking Platform

What is KayPay and How Does It Work?

KayPay is a unique social media-based banking platform that allows users to transfer money using Facebook. Introduced by Kotak Mahindra Bank in partnership with NPCI (National Payments Corporation of India), KayPay uses the IMPS (Immediate Payment Service) interface to enable real-time fund transfers between bank accounts — even if both parties are not Kotak account holders.

Here’s how KayPay works:

• Registration: Users must register for KayPay using their Facebook credentials and link their bank account (which must support IMPS).
• Verification: After registration, a one-time authentication is performed using the debit card details and OTP to link the bank account securely.
• Fund Transfer: Once verified, users can send or request money from Facebook friends by selecting a friend, entering the amount, and authenticating the transaction with an MPIN.
• Security: KayPay ensures end-to-end security by never sharing personal or bank information with Facebook. All transactions are encrypted and happen through secure banking channels.
• Transaction Notifications: Both the sender and receiver get real-time SMS and Facebook notifications for every successful transfer.

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 and Set Up KayPay

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

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

How to Send Money with KayPay

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

How to Request Money with KayPay

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

KayPay Transaction Limit

Benefits of KayPay

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.

1. Step 1: Log in to KayPay. Choose a payee/beneficiary from Facebook to initiate the fund transfer
2. Step 2: Key in the transaction amount
3. 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.

KayPay Charges and Fees

One of the key advantages of KayPay is its low-cost or no-cost structure, making it an affordable option for digital transactions.

Here are the details: