Kotak Mahindra Bank issues India’s first FPI license to GIFT IFSC AIF
Kotak Mahindra Bank issues India’s first FPI license to GIFT IFSC AIF

Kotak Mahindra Bank (KMBL) today announced the launch of ‘Pay Your Contact’ – a feature on its mobile banking app that uses the Unified Payments Interface (UPI) platform and allows customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary’s mobile number.

With ‘Pay Your Contact’, KMBL customers no longer need to remember or obtain the bank account number or IFSC code or remember UPI IDs to send money or make payments.

How it works

A customer must 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 transfer the money – straight from the Kotak mobile banking app.

The ‘Pay Your Contact’ feature is interoperable across all payment apps and is available on both Android and iOS.

Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “The ‘Pay Your Contact’ feature enhances security since fund transfers and payment transactions to any UPI ID can be done from the safety of the Kotak mobile banking app itself and customers need not bother downloading multiple payment apps on their phone.

"The other key issue that ‘Pay Your Contact’ addresses is that of interoperability. Given the immense popularity of UPI in the Indian market, almost every Indian with a bank account has a UPI ID.

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