Kochi: Axis Bank, a leading private sector bank has unveiled ‘Ping Pay’, a unique multi-social payment solution to enable customers, specially the youth and smart phone users, to 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.
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 INR 50,000 per day. IMPS offers an instant, 24×7, safe and convenient interbank electronic fund transfer service through mobile phones.
The launch of Ping Pay is seen as a strategic step by Axis Bank 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.
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.
Rajiv Anand, Group Executive & Head – Retail Banking, Axis Bank, said, “Launch of Ping Pay, a unique multi-social payment solution is yet another milestone in our journey to offer digital solutions to our customers. Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy.”
Vince Tallent, Chairman & CEO, Fastacash said, “India is one of the fastest growing social and messaging markets, with most of these services being accessed from mobile devices. Together with Axis Bank, with whom we share a strong working relationship, a common vision and goal, we are delivering innovation in digital banking and bringing to consumers payment solutions that are secure and seamless. Our focus is really on simplifying the entire digital banking and payment experience.”
The Ping Pay app is currently available on the Google Playstore, and will be made available through the iOS platform in the coming weeks.
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