Kotak Mahindra Bank has launched an email-based funds transfer service called Mail Money. Though the service was launched last month, the bank will formally start promoting the product to customers for adoption later this month, Deepak Sharma, executive Vice President and Head of Digital Initiatives at Kotak Mahindra Bank told MediaNama. " Mail Money is a product that we launched for existing Kotak customers who can by keying an email to beneficiary can initiate a fund transfer through our secure net banking environment," Sharma said. How it works It's important to note that here, the sender doesn't need to know the recipients bank account number, and thus, this service allows Kotak Mahindra Bank customers to send money to customers of any bank. Kotak Mahindra Bank customers who want to use the service will have to: - Login using net banking where there is an option to send funds via email. - Key in the beneficiary's phone number, email and the amount to be transferred. - Send a unique OTP, which is generated for the sender, to the beneficiary. The beneficiary will - Receive an email with a one time password (OTP) and a link to a page on Kotak Mahindra Bank's website. - Have to enter his/her OTP, and the OPT received separately from the sender, as well as his/her bank account details on that page, for the funds to be credited. The funds can be transferred via NEFT or IMPS fund transfer system. Three factor authentication It's also worth…
