Axis tool for cash transfer

Calcutta, May 7: Axis Bank will tap the rising demand for mobile-based payment solutions with an application called Ping Pay. The application will allow the bank's customers to transfer funds to any beneficiary on the user's contact lists, including on Whatsapp, Facebook and Twitter.

This application, which is in addition to the bank's existing mobile application, will allow a person-to-person transfer of funds of up to Rs 50,000 using National Payment Corporation of India's Immediate Payment Service.

Rajiv Anand, group executive and head retail banking at Axis Bank, said: "There is a growth in the number of customers who are using mobile phones for payment purposes.

"The RBI and the Centre is looking to develop a cashless society. Also, the youth and smartphone users spend a lot of time on social media. So, we have decided to launch Ping Pay that allows instantaneous fund transfer. Unlike RTGS and NEFT, which are time bound, Ping Pay will allow users to transfer fund 24x7 for 365 days.

The beneficiary will get a message/notification on the chosen social platform along with a link which when clicked on will ask to download the application and register along with necessary details. After the transfer, the beneficiary will have 15 days to claim the funds. In case the beneficiary does not claim the money, the transaction will be reversed.

"At the moment only Axis Bank users can send money using Ping Pay, while non Axis Bank users will be able to use the app to ask for money from Axis Bank users," said Anand.

Axis Bank