KayPay – The new ePayment tool on the Block

            We Indians are getting spoilt for choice with new ePayment Tools being introduced every week.

            The latest ePayment Tool for ePayment users is Kotak Mahindra Bank’s KayPay

            KayPay was launched just before the Diwali season. KayPay rides on NPCIs’ IMPS (Instant Payment Service) to bridge the gap between the receiver and the sender.

            The other major component ot KayPay is Facebook. The receiver should have a Facebook account and also authorize KayPay tool to access the complete details of the receivers Facebook account.

            Well, yes this is a social harvesting technique but this is the price for free transactions.

            To secure the transactions,  KayPay’s mechanism involves a two-step authentication process — the Facebook user ID and a one-time password. Notification of transfer will be sent through Facebook messages and SMS.

            Before the funds can be transferred, a one-time registration of your existing bank account on Facebook or at www.kaypay.com is required

            If your bank is not on list of KayPay participating banks, do inform them through Facebook, customer service line, mail to customer service. Yes, you should demand