In olden days, money is transferred through banks. Now-a-days every thing is on online and the cash transfer also became online. We can transfer through net banking, online transfer, transfer through card etc.
But as Facebook rules all over the world, the money can be transferred through Facebook. Banks made an platform in the site where you can transfer money. Private sector banks like Kotak Mahindra Bank has already launched instant fund transfer service in India and also many banks have followed the procedure. KMB provides their users where they can transfer the fund to their friends on social media network real time and with absolute free cost.
It says, it can transfer the money via Facebook and the sender and receiver may not be the KMB customers. It uses IMPS (immediate payment service) platform where the money can be transferred. The IMPS platform has 28 banks under it and provide authority to transfer your funds. The sender has to first register on a dedicated website for the initiative called “Kay Pay” where we have to provide all the details and your bank account number and bank’s MMID (mobile money identification number) apart from personal credentials.
Once the user has registered, he can initiate the fund transfer.
It is totally secured even in the event of Facebook account because it provides the two factor authentication to complete the transaction. And also it provides the expiry time for the transaction.
At present, top banks like ICICI allows their users to transfer the money through the social networking site Facebook.