Private sector lender IndusInd Bank has launched a new payment product called Quickpay where its customers can send money to their personal contacts and business parties through SMS and email. Customers can go to the bank website and transfer money to a recipient by filling a form with the email ID or mobile number of the receiver. IndusInd Bank's head of digital and payments business Ritesh Raj Saxena said that the bank would also be releasing its wallet based payment app soon. How it works - A customer has to enter the email ID or mobile number along with the amount to be transferred. There is no need to remember account numbers or add as beneficiaries. They can also choose to add a personalized message to the beneficiary. - You can either use net banking credentials or IndusInd Bank debit card details to send money. - Note, the maximum amount that can be transferred is Rs 10,000. The bank mentions that there are no transaction charges for using Quickpay. - Once a transfer is initiated, the bank will send a link to the beneficiary where he/she can enter his/her account number, bank name, IFSC code and receive funds. Note, only the banks which are supported for IMPS transactions will be displayed in the drop down. - The sender gets a ‘Quick code’ that is shared with the recipient for completing the transfer. Other players - Kotak Mahindra Bank launched KayPay, a bank agnostic payment product for Facebook users to send money to each other last year which works on the IMPS…
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