Apps have become an irreplaceable of our lives haven’t they? But there are some things that we are too scared to do on our apps. Transferring money for example because we feel that it is not secure. But with Ping Pay, things are going to change. Let’s have a look at some of its features. I attended a blogger’s meet to learn more about this exciting app.
Ping Pay is 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, 24X7, safe and convenient interbank electronic fund transfer service through mobile phones.
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. India is largely a prepaid mobile market – the Ping Pay app also enables sending person-to-person mobile recharges, tapping into a huge opportunity.
Axis Bank account holders can download the Ping Pay app and sign up for the service using their registered mobile numbers and associate their Axis Bank internet banking credentials or ATM/ Debit Card to send money and mobile recharges. Funds and mobile recharges can be sent to any bank account holder.
The app provides an innovative, gesture based user experience that enables money transfers without having to type in the account number and the IFSC code. Sending or requesting money or mobile recharges with the Ping takes a few simple steps. When sending money, the user chooses a social or messaging channel and selects the name of the person to whom the money is to be sent.
They enter the amount to be sent and set a “ping code” that is shared separately with the receiver. Upon confirming the transaction, the money is immediately sent and the receiver gets a message across the social or messaging channel selected by the sender. The receiver has 15 days to transfer the money to his/her bank account using IMPS. In the event, the receiver does not claim the money received within 15 days, the transaction would be auto-reversed to the sender’s account. Ping Pay also has ‘Ask for Money’ and ‘Ask for Recharge’ options, which would allow the receiver to put in a request for funds and also seek recharge from their friends and family. It is the only banking social payment application which allows users to share digital content like text, images, audio and video, while sending/asking for money/mobile recharge.
Hope this post was able to introduce you to a new app and clarify your doubts 🙂