It's really very good news that we can transfer money through Facebook. Just
Few single click then money will be transfer.
Let see how easy it is :-
According to news now we can transfer funds through Facebook to our friends. (Ex- if you and your group friends thinking to go for movie but no money and other side only you can afford, so than you can transfer money though facebook in few steps)
Only kotak mahindra bank or icici bank customers can avail this facility.
Kotak has launched a money transfer application called KayPay. It allows you to transfer money to anyone on your Facebook friend list without her or his bank account details. All you need is an account with any of the 28 listed banks that have enabled Immediate Payment Service or IMPS. IMPS is an instant interbank electronic fund transfer service.
How it will work ?
Just few two steps and money will be transfer. Before use this application first you have to register yourself
1. Register with debit card number with four digit pin
2. Otp ( one time password ) will send on register mobile number.
PRIVACY & SECURITY
Fund transfer through KayPay is done after a two-level authentication-Facebook credentials and OTP. The bank also informs both sender and receiver immediately through an SMS.
Deepak Sharma, executive vice president, digital initiatives, kotak mahindra bank explains, "You can have 500 friends on Facebook but it is difficult to remember bank details of even five. Facebook authenticates for allowing you to use KayPay. All KayPay does is it pull your contact list through Facebook so that selection becomes easy for transferring money." However, when you register, you give KayPay permission to access your Facebook profile content, including name, friend list, birthday and city.
ICICI Bank states on its website that no personal information, account balance or transaction information is shared with Facebook through Pockets. Transactions take place on ICICI Bank's servers. The registration through debit card number and PIN authentication is through the bank's servers.
Probir Roy, co-founder of PayMate, says, "Prima facie it seems safe and convenient. There are adequate security layers at the Facebook stage (user name/password) and then at the registration stage for access and fund transfer." But what if your Facebook credentials are compromised? Experts say even if is the case, the fund transfer cannot be initiated without the OTP sent on your mobile. Moreover, the best is to start with small value transcations. Though there are different layers of protection, do not forget to take some precautions at your end. For example, do not give your phone to others, do not share your password, among other things. So, the next time when you hang out with your friends, do not forget to go dutch on Facebook.
Few single click then money will be transfer.
Let see how easy it is :-
According to news now we can transfer funds through Facebook to our friends. (Ex- if you and your group friends thinking to go for movie but no money and other side only you can afford, so than you can transfer money though facebook in few steps)
Only kotak mahindra bank or icici bank customers can avail this facility.
Kotak has launched a money transfer application called KayPay. It allows you to transfer money to anyone on your Facebook friend list without her or his bank account details. All you need is an account with any of the 28 listed banks that have enabled Immediate Payment Service or IMPS. IMPS is an instant interbank electronic fund transfer service.
How it will work ?
Just few two steps and money will be transfer. Before use this application first you have to register yourself
1. Register with debit card number with four digit pin
2. Otp ( one time password ) will send on register mobile number.
PRIVACY & SECURITY
Fund transfer through KayPay is done after a two-level authentication-Facebook credentials and OTP. The bank also informs both sender and receiver immediately through an SMS.
Deepak Sharma, executive vice president, digital initiatives, kotak mahindra bank explains, "You can have 500 friends on Facebook but it is difficult to remember bank details of even five. Facebook authenticates for allowing you to use KayPay. All KayPay does is it pull your contact list through Facebook so that selection becomes easy for transferring money." However, when you register, you give KayPay permission to access your Facebook profile content, including name, friend list, birthday and city.
ICICI Bank states on its website that no personal information, account balance or transaction information is shared with Facebook through Pockets. Transactions take place on ICICI Bank's servers. The registration through debit card number and PIN authentication is through the bank's servers.
Probir Roy, co-founder of PayMate, says, "Prima facie it seems safe and convenient. There are adequate security layers at the Facebook stage (user name/password) and then at the registration stage for access and fund transfer." But what if your Facebook credentials are compromised? Experts say even if is the case, the fund transfer cannot be initiated without the OTP sent on your mobile. Moreover, the best is to start with small value transcations. Though there are different layers of protection, do not forget to take some precautions at your end. For example, do not give your phone to others, do not share your password, among other things. So, the next time when you hang out with your friends, do not forget to go dutch on Facebook.
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