kayPay is launched by one of the most reputed private bank Kotak Mahindra on 13th OCT, 2014. It is the first bank agnostic payment product through Facebook. User can sent money any time 24×7. They don’t need to net banking or various details about payee.
User need facebook id and one time password to use it. Sender and receiver both receive notification through SMS.
Currently it is only for they having a bank account with following bank:-
- Kotak Mahindra Bank
- State Bank of India
- A P Mahesh Co-operative Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bassein Catholic Co-op
- Canara Bank
- Corporation Bank
- Cosmos Co-operative Bank
- Dombivli Nagari Sahakari Bank
- Federal Bank
- Greater Bombay Bank
- IndusInd Bank
- Jammu & Kashmir Bank
- Janata Sahakari Bank
- Karur Vysya Bank
- Mehsana Urban Co-operative Bank
- Oriental Bank of Commerce
- Punjab and Maharashtra Co-op Bank
- State Bank of Hyderabad
- State Bank of Mysore
- Union Bank of India
- Yes Bank
- State Bank of Bikaner & Jaipur
- State Bank of Patiala
- State Bank of Tranvancore
- United Bank of India
Apart from account with above listed bank, you also need CRN, email id and mobile number associated with bank account.
KayPay assure you a safe and secure platform to transfer money.
Every transaction requires an OTP (One Time Password) which you will need to generate with your bank.This OTP generation happens outside of Facebook and adds an extra level of security to your transaction.
You can stay absolutely worry free,as all the authentications and transactions will take place at Kotak Mahindra Bank’s secure server.
This application will never post anything on your behalf without your permission.
No bank account related details or transaction information will be shared with Facebook through Kaypay by Kotak Mahindra Bank.