Business Magazine

Indian Banks Offering A Service to Transfer Money Through Facebook

Posted on the 10 February 2015 by Worldwide @thedomains

facebook-logo published an article on using Facebook as a way to transfer money, kind of the way we currently use Paypal. The service is currently being provided by two Indian banks, Kotak Mahindra and ICICI. The article makes clear this is for tech savvy participants and is secure as using an ATM. Transfer is instant and the funds can be used right away.

From the article:

Fund transfer through Facebook is meant for tech-savvy customers, who have access to the internet round the clock, either through smartphones, tablets or laptops.

The ATM-to-ATM fund transfer offered by some other banks also uses the same IMPS technology but caters to those who might not have access to the internet all the time. Here, you can transfer money from one bank account to another through the ATM.

All you need is your debit card and PIN number.

Let us look at how these fund transfer services work:

Transfer through Facebook

Kotak Mahindra Bank’s Kaypay was launched four months earlier. To use this, one has to register on the website, through your Facebook account.

Register your account number by filling in details like your bank’s name (choose from the options provided in the drop-down), account number, email address and mobile number.

Once you register, you will get the Mobile Money Identifier (MMID) from your bank on your registered mobile number, which you have to enter, too.

MMID is a seven-digit code issued by the bank to customers who have registered for mobile banking to avail of the IMPS service.

To get the MMID, you can send an SMS to the bank. If you are a Kotak customer, you don’t need to provide the MMID. Instead, give the customer relationship number.

Once you provide the MMID, your bank account is linked to Kaypay and Facebook. Now select a friend from your Facebook list, enter the amount you want to send, select your bank account, generate and enter a One Time Password (OTP) and send the money.

The OTP will expire within one hour. Your friend will be notified via a Facebook alert. If your friend is already registered with Kaypay, he/she will receive the money instantly. Otherwise, he/she has two days to register. If not, the money will come back to your account.

A sender can send up to Rs 2,500 daily and up to Rs 25,000 a month through Kaypay. A receiver can get up to Rs 25,000 on a daily and monthly basis.

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