Axis bank has taken banking to a social level, it now allows users to transfer money on the go. It is India’s third largest bank and from now on it has enabled users to send money through social platforms WhatsApp, Facebook, Twitter, e-mail and SMS, all these functions will be performed through a mobile-based application Ping Pay.
The Ping Pay app will enable user-to-user fund transfer of up to Rs 50,000 through National Payment Corporation of India’s Immediate Payment Service (IMPS). Users will be required to install the app in order to use the feature, and then for making the transactions they have to associate their Axis Bank account.
Within the application, users have to add the contact number of the recipient and fill in the amount that is required to be transferred. The receiver will then be messaged a link, after which they will have to download the Ping Pay app (in case they do not have the app) and enter the bank account details. After completing the process, the amount will be credited to the receiver’s account. It is not limited to Axis bank accounts only, as the receiver can be any bank’s account holder.
After the transaction is completed, the beneficiary will be given 15 days of time to claim the amount. In case the beneficiary fails to claim the amount, then the transaction will be reversed (money will be credited back to sender’s account). Presently, the Ping Pay mobile banking app has up to 58 functions, which will go up to 100 in a span of three months from now.