Hollaa!! Some years ago, my bro would call me from abroad; whenever he gets in trouble he would call me. He knows his Big bro is always there for him. I would step out of my home and walk through the narrow lanes sometimes at midnight to send him money transfer through Western Union as it was far away from my place. Well, that’s history now. Axis Bank has come up with Pay Ping App. One of the unique app that allows users to transfer funds seamlessly to anyone they are connected to using WhatsApp, Facebook, Twitter, Email and Phone Contact Lists. It is the only banking social payment application which allows users to share digital content like text, images, audio and video while sending/asking for money/mobile recharge. An innovative gesture-based mobile app designed to provide customers with a delightful user experience while enabling money transfers and mobile recharge with utmost convenience.
Basically, Ping Pay is designed specifically keeping in mind the youth and smartphone users .You can transfer money and mobile recharge, person-to-person, including to non-Axis Bank account holders, using social and messaging channels like WhatsApp, Facebook, Twitter, Email and Phone Contact lists. Ping Pay has been developed in partnership with Fastacash, a Singapore-based, venture-capital backed firm. Fastacash’s technology enables value (money, airtime, coupons, etc) transfers, along with digital content, across any social network and messaging platform. The company brings it technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
Salient Features of Ping Pay app: –
- Send Money socially
- Ask Money socially
- Send Recharge socially
- Ask Recharge socially
- Open a Savings Account with Axis
- View Account Balance
Ping Pay can immediately transfer money via NPCI’s Immediate Payment Service (IMPS) and currently the transaction limit is at INR 50,000 per day. It also offers an instant, 24X7, safe and convenient interbank electronic fund transfer service through mobile phones.
Axis Bank has introduced Ping Pay at a right time and it also seen as a strategic step in bringing superior customer convenience, embedded in a seamless and secure process, to one of the most important online financial transactions viz. funds transfer, and in the process fast-pacing India’s progress towards becoming a cashless economy. Bank account holders can download the Ping Pay app and sign up for the service using their registered mobile numbers and associate their Axis Bank internet banking credentials or ATM/ Debit Card to send money and mobile recharges. Funds and mobile recharges can be sent to any bank account holder.
Ping Pay enables money transfers without having to type in the account number and the IFSC code. Sending or requesting money or mobile recharges with the Ping Pay app takes a few simple steps. When sending money, the user chooses a social or messaging channel and selects the name of the person to whom the money is to be sent. Enter the amount to be sent and set a “ping code” that is shared separately with the receiver. Upon confirming the transaction, the money is immediately sent and the receiver gets a message across the social or messaging channel selected by the sender.
The receiver has 15 days to transfer the money to his/her bank account using IMPS. In the event, the receiver does not claim the money received within 15 days, the transaction would be auto-reversed to the sender’s account. The best part of Ping Pay is It also has ‘Ask for Money’ and ‘Ask for Recharge’ options, which would allow the naughty guy like me to put in a request for funds for my dad and seek recharge from friends or family via social network. That’s quite Interesting isn’t!