Kotak's app allows offline fund transfer

Kotak's app allows offline fund transfer
While data connection plays a major role in digital banking, particularly in funds transfer, Kotak Mahindra Bank (KMB) has come up with an app — Kotak Bharat App — that requires no internet connectivity, and one can transfer funds without data connection.

Launching the App on Tuesday, Deepak Sharma, Executive VP-Head-Digital Initiatives, Kotak Mahindra Bank, said, “This is the first time that funds transfer can be done through offline mode. While we were looking for frequently used services by customers, we found that funds transfer is one of the most used services and with migrant population, small value payments gain significance. Through this app, one can transfer up to Rs 2,500 per day, and in a month one can transfer up to Rs 75,000.”

Going forward, the bank plans to increase the initial amount. The app, which is built in-house, is available on Android phones with version 2.2.3 onwards, and apart from English, it is available in Kannada, Hindi, Gujarati, Tamil, and Marathi.

“Almost 90 per cent of the smartphone market is Android, and we have launched the app using Android as the platform. While any typical app takes 15 to 20 MB space, this app takes very little space as it is less than 2 MB. The app can be downloaded in our bank’s branches also through Bluetooth,” said Sharma. He added that transactions can be initiated only from customers’ registered mobile numbers. Customers get a confirmation SMS on the registered mobile number, which is encrypted.

Customers can manage their bank accounts and use the app for a range of services such as linking Aadhaar number to the bank account, finding the nearest Kotak ATMs, and applying for PMSBY/PMJJBY schemes, among others.

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