- It is rolled out on KMBL’s mobile banking app which is based on the Unified Payments Interface platform.
- The ‘Pay Your Contact’ feature allows its customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary’s mobile number.
- The feature thus makes payment transactions easy and simple and it is associated with high security.
- The feature is also a solution to interoperability. As almost every Indian with a bank account has a UPI ID, therefore, the customers can transfer the funds easily to any UPI-linked bank account across payment apps with just a mobile number.
- The feature also removes the drawback of remembering or obtaining the bank account number or IFSC code to transfer the payment to the beneficiaries.
- Only one thing the customer has to do is to 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 effortlessly transfer the money.
- Static Part:
- HQ of Kotak Mahindra Bank: Mumbai
- Tagline of Kotak Mahindra Bank: Let’s Make Money Simple
- MD and CEO of Kotak Mahindra Bank: Uday Kotak
Question:
Q.1 Which bank rolled out the ‘Pay Your Contact’ feature to transfer the funds?
a. Axis Bank
b. ICICI Bank
c. Kotak Mahindra Bank
d. Yes Bank
a. Axis Bank
b. ICICI Bank
c. Kotak Mahindra Bank
d. Yes Bank
