Kotak Mahindra Bank has added a slew of new features to kotak.biz, an app that allows merchants, sole proprietors, and business owners to accept payments using only their mobile phones, easing payment journeys for MSMEs clients in particular.
The app has now added two special features – Tap on Phone –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.
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. 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.”
