Kotak Mahindra Bank enables online payments via Facebook

Tuesday 14 October 2014 13:33 CET | News

India-based financial institution Kotak Mahindra Bank has started an online money transfer service that uses a person’s Facebook username and password.

The bank captures an account holder’s details, from any of 28 banks that have currently partnered with Kotak for the service, in a one-time registration on the service’s website, which requires a Facebook login. Subsequently, the registered user needs to choose the Facebook friend to whom the money is to be transferred. A one-time password, sent via a text message, adds an additional layer of security and following the transfer, the sender and receiver will receive text messages and Facebook notifications, the bank said in a statement.

If a person sends money to a Facebook friend who is not registered on this service, the recipient of the funds will be forced to register within 48 hours to get the money, or it will be credited back to the sender’s account.

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Keywords: Kotak Mahindra Bank, online payments, Facebook, bank, online money transfer, one-time registration, account
Categories: Payments & Commerce
Countries: World
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