Kotak Mahindra Bank last month launched KayPay, a payment solution which uses Facebook credentials, to transfer money to people without needing to know their bank account details. Deepak Sharma, executive vice-president and head of digital initiatives spoke to Medianama about how banks innovate with social media, launching a new email-based payments service and how customers prefer security over convenience during transactions. On launching KayPay and learnings got from transactions using social media Deepak Sharma: KayPay was an innovation where we wanted to see how payments can be made in a more frictionless manner and be combined with social media to see what kind of ease and adoption it brings in. But there was also the intent to learn about customer sense and behaviour and see how a product like this can continue to grow and form in a manner customers would find it easy and acceptable. I think we had some great learning in the last four weeks leading to now, post our launch. In terms of learning, we had three things in the last four weeks. One is people are looking at something which is easy and frictionless for payments. And the kind of feedback we got suggest that. Because we haven't gone out and marketed this product or over communicated. Since we launched it with social media, for the first four weeks we allow the product to come more from an experience of a customer rather than over communicating. And that's how we create a product or any innovation.…
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Kotak Mahindra Bank’s Deepak Sharma on new payment services, security and convenience, and mobile banking
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