Kotak launches P2P payments for Facebook

Kotak Mahindra Bank has launched a bank-agnostic payment service for Facebook that will enable 250 million Indian bank account holders to transfer money by choosing a recipient’s name from their friends list. “KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication — Facebook user ID and password, and a one-time password,” the bank explains. “Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.”