India’s third largest private lender, Axis Bank, has launched a new service enabling its customers to transfer money using social media platforms. The service allows customers to use such platforms as WhatsApp, Facebook, Twitter, e-mail and SMS through Ping Pay, a mobile application to transfer money.
By launching this service the bank is looking to compete with similar products from other banks — ICICI Bank’s Pockets and HDFC Bank’s Chillar.
“This is the only application on which you can send and ask for money,” said Rajiv Anand, group executive – retail banking at Axis Bank.”
Talking about the newly launched service, Anand further added, “The transfer of funds is instant while in other platforms there is a waiting period of 30 minutes to one day.”
Currently, the bank has 1.76 million customers using mobile apps and is adding 75,000-90,000 customers on this platform month-on-month.
How to send money using Axis Bank- Ping Pay feature?
- Go to any social networking website and select a contact.
- Once you select the contact, enter the amount to be transferred.
- The beneficiary will get an SMS with a link asking them to download the Ping Pay application.
- Once the app has been downloaded by the beneficiary, they are required fill in the account details.
- The transfer of money will take place instantly between customers of any banks.
- The beneficiary gets up to 15 days to claim the money and transfer it into their bank account.
- No internet is required to use this facility if the exchange is between existing Axis Bank customers.
The feature allows a maximum transfer of Rs. 50,000 at the moment for person to person transfer. The Ping Pay application will transfer funds using Immediate Payment Service, developed by NPCI.