Kotak Mahindra Bank joins march to cashless India with '811' mobile banking system
India's Kotak Mahindra Bank has announced the launch of "811," the nation's full-service digital banking ecosystem on mobile, in the state of Uttar Pradesh.
The service aligns with Prime Minister Narendra Modi's vision of a digital India, right down to the 811 name, according to a press release. It refers to the 8th of November, the date of Modi's surprise demonetization of India's most-used currency — 500 and 1,000 rupee banknotes — which was intended in part to prod Indians to reduce their use of cash transactions.
The 811 system was designed with an eye to simplicity and ease of use, said Ambuj Chandna, senior executive vice president at Kotak Mahindra Bank.
"Eight-11 is designed to offer the best banking experience on mobile," he said. "It is a full-service, zero balance account, with zero charges on all digital transactions."
The account opening process for 811 is completely digital and entirely paperless, Chandna said. "[An account] can be opened anywhere, anytime, within five minutes, using Kotak's mobile banking app."
Chandna said that the app is available at Google Play and the Apple Store and is fully integrated with Bharat QR Code, the new digital payment system developed by the Government of India.
Every 811 account comes with an instant virtual payment address that allows the accountholder to use the unified payment interface to send and receive money. The account also provides a free virtual debit card, the release said.