Kotak Mahindra Bank Limited today announced that it has added a host of new features to kotak.biz – an app that empowers merchants, sole proprietors and business owners to accept payments using just their mobile phones. With the new features, kotak.biz has further eased payment journeys for micro, small and medium enterprise (MSMEs) clients.
The app has now added two special features – Tap on Phone – powered by KMBL’s technology partner Payswiff that converts a smartphone into a Point of Sale (PoS) terminal without any additional hardware, giving an alternative to small merchants to transact digitally without spending on other machines. The other feature added is SMS Pay that allows merchants to offer link-based payments, wherein 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 enable merchants to accept seamless payments 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 as it is cost-effective and it enables them to offer an enhanced payment experience to their customers.
Thakur Bhaskar, Senior Executive Vice President & Head – Liability Products and Merchant Acquiring, Kotak Mahindra Bank said, “We are seeing a shift in consumer behaviour towards digital payments, especially contactless payments. India has a varied mix of merchants based on size and type spread across the country who are eager to adopt digital modes of payment to service their customers better and increase revenue. The market opportunity is significant and kotak.biz will help us capture this demand in a cost-effective and scalable manner. Additionally, it reduces dependence of merchants on multiple devices.”
Prabhu Ram, Managing Director, Payswiff said, “It is our privilege to be associated with Kotak Mahindra Bank and with this we will be happy to provide seamless services to bank merchants through our app offering Tap to Phone, Bharat QR & Link-Pay based Soft PoS solution in addition to in-app servicing and engagement for other financial products. We are excited to start this association and further explore more synergies with Kotak Mahindra Bank to foster growth and digitisation.”
