Now Whatsapp the money to your friends
If you run out of cash at a pub you can WhatsApp your friend and ask for cash. Axis Bank now facilitates instant transfer of money.
The bank’s Ping Pay service competes with other banks digital products like 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. ``The transfer of funds is instant while in other platforms there is a waiting period of 30 minutes to one day,’’ he said.
The person to person funds transfer through Ping Pay would happen via NPCI’s Immediate Payment Service (IMPS) and currently the transaction limit is at Rs50,000 per day.
Ping Pay users can register through their registered mobile numbers and for sending money can associate their Axis Bank internet banking credentials or ATM/ Debit Card to send money.
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.
The transmitter has to enter the amount and set a sender code that has to be shared separately with the beneficiary. After clicking on the “Send” button, the money is successfully sent by the remitter and the beneficiary will get a message on his chosen social platform of transaction.
The beneficiary would have 15 days to transfer funds to his/her bank account using IMPS. If the beneficiary does not claim the money received within 15 days, the transaction would be auto-reversed to the remitter’s account.
Banks are fighting for the digital wallet of the consumer. They are using the social media platform to attract the younger generation and also bring down transaction costs.