Kotak Mahindra Bank takes Kotak biz to the next level by adding a host of new features
Kotak Mahindra Bank announced on Friday that it has added a host of new features to kotak.biz – an app that allows merchants, sole proprietors and business owners to accept payments using only their mobile phones. With the new features, kotak.biz has made payment journeys even easier for micro, small, and medium-sized enterprises (MSME) customers.
Main features of kotak.biz
Seamless and cost-effective merchant integration: The KMBL merchant downloads the app to their phone/tablet and integrates digitally without delay.
Solution without assets: The merchant does not need a PoS terminal to accept digital payments.
Range of digital payment options: Tap Phone, UPI, Bharat QR, SMS Pay.
Value Added Services: Merchants can apply for instant loans, credit cards and other banking products at their fingertips.
The app has now added two special features – Tap on Phone – powered by KMBL’s technology partner, Payswiff, which converts a smartphone into a point-of-sale (PoS) terminal without any additional hardware, giving small merchants an alternative for perform digital transactions without spending on other Machines. The other feature added is SMS Pay which allows merchants to offer link-based payments, in which a secure payment link is sent to a customer via SMS or WhatsApp and the customer can pay remotely. kotak.biz is available on Android and is equipped with UPI, Bharat QR and other digital modes that allow merchants to accept payments seamlessly through their smartphones. It is compatible with any debit or credit card issued by RuPay, VISA or Mastercard.
For merchants, kotak.biz is an “asset-less” solution because it is cost effective and allows them to provide an enhanced payment experience to their customers.
Thakur Bhaskar, Senior Executive Vice President and Head of Liability Products and Merchant Acquiring, Kotak Mahindra Bank, said, “We are seeing a shift in consumer behavior towards digital payments, especially contactless payments. . India has a diverse mix of merchants depending on size and type spread across the country who want to embrace digital payment methods to better serve their customers and increase their revenue. The market opportunity is significant and kotak.biz will help us capture this demand in a profitable and scalable way. Moreover, it reduces the reliance of merchants on multiple devices.
Prabhu Ram, Managing Director of Payswiff, said, “It is our privilege to be associated with Kotak Mahindra Bank and with that, we will be happy to provide seamless services to banking merchants through our application offering Tap to Phone, Bharat QR and Link-Pay. Soft PoS solution in addition to in-app service and escrow for other financial products. We are excited to start this association and explore further synergies with Kotak Mahindra Bank to drive growth and digitalization.