Axis Bank has unveiled the multi-social payment solution ‘Ping Pay’ to enable customers with smart phones to transfer funds, person to person, including to non-Axis Bank account-holders, using varied social media channels. The person-to-person funds transfer through Ping Pay will happen via NPCI’s Immediate Payment Service (IMPS). Currently, the transaction limit is set at ₹50,000 a day.
‘Ping Pay’ will enable Axis Bank customers to transfer money to any bank account through social messaging channels like WhatsApp, Facebook, Twitter, Email and Phone Contact lists.
“The person-to-person fund transfers through Ping Pay would happen via NPCI’s Immediate Payment Service (IMPS) and currently the transaction limit is at Rs 50,000 per day,” the bank said in a statement.
Axis 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, the bank said.
Earlier, ICICI Bank, HDFC Bank and Kotak Mahindra Bank have launched such a platform.
The app also provides gesture-based user experience that enables money transfers without having to type in the account number and the IFSC code.