Axis Bank Limited (formerly UTI Bank) is the third largest public sector bank in India. It offers financial services to customer segments covering Large and Mid-Sized Corporates, MSME, Agriculture and Retail Businesses. Axis Bank has its registered office at Ahmedabad.
As on 31-Mar-2014, the Bank had a network of 2402 branches and extension counters and 12922 ATMs. Axis Bank has the largest ATM network among private banks in India and it operates an ATM at one of the world’s highest sites at Thegu, Sikkim, at a height of 4,023 meters (13,200 ft) above sea level.
But here we talk about Axis bank’s new and pioneering initiative a multi social mobile app “Ping Pay app”.
About Ping-Pay app:
PingPay is a multi-social application by Axis bank, which allows its user to transfer funds seamlessly to anyone they are connected to using WhatsApp, Facebook, Twitter, Email & phone contact list.
It provides a unique multi-social payment solution to enable customers, especially the youth & smartphone users more frequently for money transfer, mobile recharge using social messaging channels.
Ping Pay has been developed in partnership with Fastacash, a Singapore based, venture-capital backed firm. It’s technology enables value(money, airtime, coupons, etc) transfers, along with digital content across any social or messaging platform. It comes up with various security features like SIM locking, Device locking, OTP which ensured that all your transactions are safe & secure.
- Digitalization of banking service on social media platform: It may be the prime objective for the bank, as this is the era of digital world, people want all possible services done with their gazettes i.e laptops, tablets or mobile. As mobile is the thing which is handy most of the time. While online transition is available at almost all prime banks but using social media as Facebook, Twitter, WhatsApp is really very innovative strategy of axis bank in digitalization.
- Make ease of money transition within the lowest to maximum amount (50,000): 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. It also offers an instant, 24X7, safe and convenient interbank electronic fund transfer service through mobile phones.
- Increase the entry of non-Axis bank a/c holder to axis bank: with the transition between axis bank to any other bank, this app also provide the option for the opening of saving account in axis bank to receiver.
How to register on PING PAY- Registration Process:
You need to download the app from play store, then follow the below infographic to register your account on Ping Pay.
Features of PingPay -Social Banking:
- Send Money socially
- Ask Money socially
- Send Recharge socially
- Ask Recharge socially
- Open a Saving Account with Axis
- Check your account balance anytime on Ping pay
Such application provides people to be more digitally & socially connected. Also, serve as a better platform & rich user experience in terms of banking. Ping Pay act as an entry point for Non-axis customers as well, which is actually a good way to get new customers. Hope this application will change the way we do banking.
As it is new technology for money transfer on social media, people get scare of it regarding security means. But axis bank give complete assurance of security of customers’ data while using this app. Ping Pay enables money transfers without having to type in the account number and the IFSC code. 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. 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.
- People like this app on facebook as this got more than 28,000 likes within 4 to 5 weeks.
- People also like this app on Twitter too.
Sources: Axis bank’s official website, Facebook, twitter, blogadda