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How to Send Money Using Email & Mobile in Indian Banking System?

When we are making this statement to send money using Email id and mobile number; we are definitely not talking about Paypal services but are infact referring about Kotak bank innovative service by which you can send money to an individual by just knowing their email id and mobile number.

The FAQ's related to this procedure is as appended below :

What is 'Send Money via Email' service?

You can now send money to a beneficiary by just knowing his/her email ID and mobile number. You don't need to know beneficiary's bank, account number, IFSC etc. You don't have to register beneficiaries.

Where can I use this service?

Currently, this service is available on Kotak Net Banking.

Are there any charges for this service?

Existing charges if applicable for NEFT/ IMPS will be levied as per General Schedule of Features and Charges (GSFC).

What is the eligibility for using this service?

You need to be registered for Net Banking with unconditional transaction rights. Service is available for individual customers only.

How does this service work?

Log in to Net Banking --> Banking --> Transfers and Payments -->Send Money via Email.
Enter the beneficiary details like name, email ID, mobile number and payment amount. 2 OTPs will be generated and shared through SMS - one will be sent to you and the other to the beneficiary. The beneficiary will receive a mail from Kotak Mahindra Bank with the redemption link. Beneficiary needs to enter both the OTPs and then enter his/her account details to receive the amount.

What are the fund transfer limits?

Rs. 10,000 per transaction and
Rs. 50,000 per day

When will the OTP expire?

OTP will expire 7 days from the payment date.What should I do, if I don't receive my OTP?

Please check your preferred mobile no. registered with the bank
You have the option to re-generate the OTP. A new link and OTP will be sent to your beneficiary, along with a new OTP sent to you, which you need share with your beneficiary.

What should I do, if I don't receive my OTP?

Please check your preferred mobile no. registered with the bank
You have the option to re-generate the OTP. A new link and OTP will be sent to your beneficiary, along with a new OTP sent to you, which you need share with your beneficiary.

Beneficiary has not received the OTP, what can I do?

You have the option to re-generate the OTP. Use the 'Re-generate OTP' option in Net Banking for the same. However, a new OTP will be sent to your preferred mobile number too.

Beneficiary has lost the link? How can I help him?

You have the option to use the 'Re-generate OTP' option in Net Banking. Along with OTPs, a new link will be sent to the beneficiary's email ID.

Can I cancel my transfer request?

Yes, you can do the same by using the 'Cancel Transaction' option. The transfer request can be cancelled till the time the funds are debited from your account.

Once the beneficiary inputs the OTPs, how does he claim the payment amount transferred to him?

Beneficiary needs to input the details for the bank account he wishes to receive the money in. The account does not have to be with Kotak Bank. In case of a non Kotak account, beneficiary will need to enter IFSC, Bank Name, Bank account details and submit the request. The transfer request will be executed via fund transfer modes like NEFT/ IMPS.

When will the funds be deposited in the beneficiary's account?

Funds will be debited from the remitters account as per the payment date requested by him. The transfer request will be executed via NEFT/ IMPS (Immediate Payment service). If the beneficiary bank participates in IMPS then the transfer will be executed immediately, otherwise it will be processed in the NEFT clearing cycle. The transfer is subject to sufficient balance in the debit account at the time of execution of request.

Verdict

Full marks to Kotak bank for launching this innovative feature but they have to make sure that the transactions are not used for Hawala transactions and bonafide accounts in India are only allowed through this feature. The checks and balances have to be in place and receiver and buyer have to make sure that Trojans and Malwares are not implanted on their computers.

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