Kotak Mahindra Bank launches Payment app ‘Pay Your Contact’

Current GK (IBPS RRB-CL) Banking Awareness

Kotak Mahindra Bank (KMBL) has launched an innovative payment feature called ‘Pay Your Contact’, for its customers, on its mobile banking app.
The feature allows banks customers to send money or make payments to any of their contacts across all payment apps simply by entering the beneficiary’s mobile number.
This feature is available only for Kotak Mobile Banking App users. The money can be send to beneficiaries who already has a UPI ID or who has Kotak Bank Account.
Pay Your Contact uses the Unified Payments Interface (UPI) platform for sending money and so 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.
The customer simply needs to select the contact of the beneficiary, then select the UPI app or a KMBL account linked to the beneficiary’s number and finally transfer the money.