Excelsior Correspondent
JAMMU, May 10: Axis Bank unveiled “Ping Pay”, a unique multi-social payment solution to enable customers 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 Ping Pay app is currently available on the Google Playstore.
The person-to-person fund transfers through Ping Pay would happen via Immediate Payment Service (IMPS) and currently the transaction limit is at INR 50,000 per day. IMPS offers an instant, 24X7, safe and convenient inter bank electronic fund transfer service through mobile phones.
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. The company brings its technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
Rajiv Anand, Group Executive and 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”.
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