Axis Bank Launches Social Media-inspired Money Transfer Service

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.