‘Pay Your Contact’ Feature on KMBL’s Mobile Banking App

Current Context: India’s one of the major Private sector bank, Kotak Mahindra Bank Ltd (KMBL) has launched the ‘Pay Your Contact’ feature.

• 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