BENGALURU: Good News! Now transfer money to your friend through facebook. Probably, Facebook is the most widely used and a well known social media networking site visited almost by a wide range of social media users. Imagine you are enjoying your dinner with your friends along with posting your updates and images on the facebook. Suddenly, what if you realize that you don’t have enough money to pay the bill?

According to the recent news in Rediff.com some banks like Kotak Mahindra and ICICI banks have launched the facility for instant transfer of funds to your friends. Now you can ask your friend to pay it off for you while paying him or her immediately through your facebook.  

Transferring Through Kay Pay: Kotak Mahindra has launched money transfer application KayPay. KayPay allows social media users to transfer their funds through their facebook accounts instantly in a real time network. A person can initiate fund transfer to any of his or her friend using this application via IMPS infrastructure.

Immediate Payment Service or IMPS is an instant interbank electronic fund transfer service. IMPS platform comprises of 28 banks and the account holders of such banks can use the service with no extra charges either on sending or on receiving the money. The sender has to register on the dedicated site to initiate transactions and enjoy the benefits.

Read More: Most Appreciated Credit Rating Agencies In India

Forex Kitty High, But May Not Cushion Extreme Volatility: RBI