Banks have launched the facilities that will now enable the money transfers through Facebook. A few months earlier, Kotak Mahindra Bank started Kaypay and ICICI Bank launched Pockets. These facilities will enable the customers to make payments and access the money transfers facility through social networking site.
The technology used is Immediate Payment Service (IMPS), a 24x7 interbank electronic fund transfer service. In order to use this facility one simply needs to register for the facility. hrough your Facebook account. Register your account number by filling in details like your bank's name account number, email address and mobile number.
A sender can send up to Rs 2,500 daily and up to Rs 25,000 a month through Kaypay. A receiver can get up to Rs 25,000 on a daily and monthly basis. With the launch of these facilities the banks aim to banking more convenient and enhanced for the customers.