Axis bank is the now going social and making it easy for users to transfer money to their loved ones on the go. The third largest bank in India will now allow its customers to send money through several platforms, including WhatsApp, Facebook, Twitter, email and SMS, through mobile-based application Ping Pay.
The Ping Pay app will allow a person-to-person transfer of funds of up to Rs 50,000 using National Payment Corporation of India’s Immediate Payment Service. In order to send money via the app, one has to select a contact and mention the amount to be transferred. The receiver will get a link, after which they will have to download the Ping Pay app and enter the bank account details. Subsequently, the money will be credited to that account. It must be noted that the receiver need not be an Axis Bank customer. Also, the app lets you ask for the money along with receiving it.
The users can choose any social application and select the name of the person to whom funds are to be transferred. The beneficiary receives an SMS/ notification informing receipt of funds. After the transfer, the beneficiary will have 15 days to claim the funds. In case the beneficiary does not claim the money, the transaction will be reversed. At present, the Ping Pay mobile banking application has 58 functions which are expected to soar upto 100 in three months.
Earlier in January this year, ICICI bank launched a new service that allowed their customers to transfer money to anyone in the country who has a Twitter account, check account balance, view last three transactions and also recharge prepaid mobile.