OREANDA-NEWS. Kotak Mahindra Bank (KMB), today, announced the launch of KayPay, the world's first bank agnostic payment product for Facebook users to send money to each other in an instant (24*7). For the first time ever, millions of bank account holders can now transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee.

KayPay enables over 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list.

KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication - Facebook user id & password and a One Time Password (OTP). Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.

Shanti Ekambaram, President - Consumer Banking, Kotak Mahindra Bank, said, "KayPay is a revolutionary Digital Banking innovation that leverages social media to offer a better and secure payment platform to all. KayPay is bank agnostic, facilitating transfer of funds instantly. The convenience of not having to know payee details breaks down all barriers of a process, which otherwise requires a host of information that one may not necessarily have handy."

Ekambaram added, "We are constantly working to deliver seamless and convenient banking solutions across all channels, especially digital banking, to the entire community."

Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Ltd (KMBL).

KMBL offers complete retail financial solutions for varied customer requirements. The Savings Bank Account goes beyond the traditional role of savings, and provides range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. Kotak's Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking.

KMBL also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. Further, the Bank offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the business community, KMBL offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities.

Kotak Mahindra Bank has over 624 branches and over 1,150 ATMs spread across 357 locations in the country. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work.