Pay to Contact: Banks look to make mobile payments hassle-free
'Pay to contacts' displays the UPI id associated with the selected contact, irrespective of the UPI app used by the receiver
ICICI Bank, Kotak Mahindra Bank, and Airtel Payments Bank have launched the ‘pay to contact’ or ‘pay your contact’ feature, which will make mobile payment more seamless. ‘Pay to contacts’ displays the unified payments interface (UPI) id associated with the selected contact, irrespective of the UPI app used by the receiver.
Pay directly to the contacts
The ‘Pay to Contact’ feature is available on the bank’s app. When a user will click on the pay to contact option in the app, the app will be directed to the user’s phonebook. The user can then select the contact to whom he/she wants to transfer money. The bank’s app will automatically detect the contact’s UPI address, provided he/she has one.
Procedure
The user has to check the UPI address, enter the amount, key in the password, and transfer.
The person receiving the fund could be on any app—PhonePe, G-Pay, or Paytm. The bank’s app will detect the UPI address on its own.
In the case of Kotak Mahindra Bank, the user can also see the app which the receiver is using.
According to Kotak Mahindra Bank’s website, an individual can transact up to 10 times and with a total value of up to Rs 50,000 per day using the ‘Pay your Contact’ feature.
According to ICICI Bank’s website, a user can make UPI transactions of up to Rs 1 lakh a day and a maximum of 10 transactions within 24 hours.