The tag line of Kotak Kay Pay is “Still paying in cash? Pay the kaypay way.”
Kotak Kay Pay rides on the NPCI’s IMPS Merchant Payment architecture.
The beauty of KKP is that it does not require the sender nor the receiver to have a Kotak Bank Account.
The sender’s bank should be on IMPS Merchant Service. Merchant needs to get on-board IMPS network with one Bank. In this case KKP is the merchant.
Customer of any Bank in the IMPS merchant network can make payment to merchant through IMPS.
11 key attributes of KKP
01) Built around IMPS, hence facility available 24*7, 365 days a year.
02) Facility restricted to account holders participating in NPCI IMPS Payment service with Merchant Initiated Payment (P2M) pull service.
03) Additionally the customer should have Facebook account or Google+ account or Email account and active mobile number
04) Bank account details have to be registered in the KKP App
05) In case the receiver does not register his Bank account details in KKP within 48 hours, the funds will be reversed back to the sender.
06) Customers have to adhere to the limit set by their respective Bank for making the transfer under IMPS Merchant Pay services.
07) Transactions charges are defined from time to time.
08) No concept of transaction Stop Pay.
09) Click here for Kotak Kay Pay landing page.
10) Do remember to disable the beneficiary account in case you do not wish to transfer funds in future.
11) Enjoy the delight of Safe eTransasctions