Axis Bank unveils multi-social payment solution ‘Ping Pay’

Axis Bank, India's third largest private sector bank, has unveiled the multi-social payment solution ‘Ping Pay’ to allow 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). At present, the transaction limit is set at Rs 50,000 a day. To send money through Ping Pay, one has to select a contact and mention the amount to be transferred. The receiver will get a link, after which she/he has to download the Ping Pay application and enter the bank account details. Subsequently, the money will be credited to that account. It isn’t mandatory for a receiver to be an Axis Bank customer. The application also has a tool that allows one to ‘ask’ for money. Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on March 31, 2014.