Technology is evolving everyday and we are in the generation where everything is going digital and over the internet. Things are moving fast and everyone is in a hurry to complete a task or download a certain file. We want things to be done in a flash and without waiting or moving from our seat. Axis bank is moving ahead with Technology and now they have introduced an app PingPay, the app that allows users to transfer funds seamlessly to anyone they are connected to using WhatsApp, Facebook, Twitter, Email and Phone Contact Lists. PingPay is the only social connected banking app in India which allows users to share text, images , audio & video content simultaneously while transacting, asking for money or while doing a recharge. An innovative gesture-based mobile app designed to provide customers with a delightful user experience while enabling money transfers and mobile recharge with utmost convenience.
The app is developed for the youth and keeping smartphones in the spotlight. The app allows users to send money and carry out transaction even with non- axis customers over the channels. 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 it technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
Features of PingPay App :-
- Send Money
- Ask for Money
- Do a Recharge
- Ask for a Recharge
- View A/c balance
- Open a savings A/c with Axis
Ping Pay can immediately transfer money via NPCI’s Immediate Payment Service (IMPS) and currently the transaction limit is at INR 50,000 per day. The app also offers to carry out transaction 24×7 safe and convenient through interbank electronic fund transfer service via mobile devices.
How the App Works :-
- Ping Pay enables money transfers without having to type in the account number and the IFSC code.
- While sending money :- Select the name of the person and the social media channel or messenger attached with him
- Enter the amount and also set the PIN code which will be sent to the receiver separately
- Upon Confirmation :- The receiver will receive a notification over his social channel or messenger which was selected by the sender.
- The Receiver :- 15 days is allotted to the person to confirm the transaction and transfer the fund via IMPS
- Non Confirmation :- If the receiver do not confirm the transaction within 15 days then the money will be rolled back and credited into the senders account.
The app is introduced at the right time when the demand for apps and easy banking is booming. The secure and seamless process is vital for online transaction and Axis has assured with multiple security parameters. 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 from the app.