Kotak customers can now transfer money and make payments simply with a mobile number

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Kotak Mahindra Bank (KMBL) today announced the launch of “Pay Your Contact” – an innovative feature on KMBL’s mobile banking application that uses the Unified Payments Interface (UPI) platform and allows customers to send cash or make payments to any of their contacts across all payment apps by simply entering the recipient’s mobile number.

With ‘Pay Your Contact’, KMBL customers no longer need to remember or obtain bank account number or IFSC code or remember UPI credentials to send money or make payments. All a customer needs to do is select a saved contact on their mobile phone or enter the beneficiary’s mobile number, select the UPI app or a KMBL account linked to the beneficiary’s number, and transfer the money effortlessly – right from the Kotak mobile banking app. The “Pay Your Contact” functionality is interoperable on all payment applications and is available on Android and iOS.

Deepak Sharma, President and Chief Digital Officer of Kotak Mahindra Bank, said, “The ‘Pay Your Contact’ feature of the Kotak mobile banking app has made payments as easy and simple as possible. Kotak customers can now make payments to a friend, housekeeper, neighborhood store, and more. simply by knowing the beneficiary’s mobile phone number. Additionally, it also enhances security since fund transfers and payment transactions to any UPI can be done from the security of the mobile banking app Kotak itself and customers don’t have to worry about downloading multiple payment apps onto their phones.”

“The other key issue that ‘Pay Your Contact’ addresses is that of interoperability. Considering 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 easily transfer funds to any UPI-linked bank account via payment apps with just a mobile phone number to identify their beneficiary,” Deepak added.

A key part of KMBL’s digital strategy, the Kotak mobile banking app has added several user-friendly features over the past year that meet customers’ banking, payment and lifestyle needs and has seen a significant increase in popularity. use in the post. -pandemic world.

Shares of KOTAK MAHINDRA BANK LTD. was BSE’s latest trade at Rs. 1736.8 from the previous close of Rs. 1760. The total number of shares traded during the day was 269,280 in over 12,171 trades.

The stock hit an intraday high of Rs. 1765 and intraday low of 1727.05. Net turnover during the day was Rs. 468547408.

Source: Stock market bulls

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