Kotak Mahindra Bank enables mobile numbers-based fund transfer
The transaction is possible with only the phone number without having to remember or obtain the bank account number or IFSC code or remember UPI IDs to send money or make payments.
All a customer needs to do is select a contact saved on one’s mobile phone or enter the mobile number of the beneficiary, select the UPI app or a KMBL account linked to the beneficiary’s number and transfer money. The ‘Pay Your Contact’ feature is interoperable across all payment apps and is available on both Android and iOS.
Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “Kotak customers can now make their 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.”
“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 Sharma.