Kaypay Qorus Banking Innovation Awards 2015

Kaypay is world’s first bank agnostic real time domestic funds transfer application from a bank. The objective behind its conceptualization was to make person-to-person payments as easy, frictionless and quick as payment in cash. Today social networking has become an integral part of an online active user’s life. In light of growth in Internet penetration driven by robust Teledensity and rapidly growing smartphone penetration in the country, it has become imperative for banks to innovate products which align with the evolving lifestyle of the retail customer. Kaypay is developed keeping in mind the share of online time spent by people on social networking platforms & the requirement of an instant and easy to use bank agnostic payments product. The service currently enables more than 250 million bank customers to send money to any of their Facebook friends in an instant without the knowledge of their bank account details. It is live 24X7 and can be used by customers of the 28 banks which are currently offering NPCI's (National Payments Corporation of India) IMPS (Immediate Payment Service) person-to-merchant pull service. Within a week since its launch, kaypay was able to garner more than 4000 new logins. The application has won National Payments Excellence Award for using IMPS in the most innovative way for making payments.