Axis Bank became the latest Indian bank to tap social media banking with ‘Ping Pay’, a P2P payment service enabling their banking customers to send money to their friends via WhatsApp.
Axis Bank Ping Pay – Key Features
- Axis Bank customers can send money/recharge, receive money/recharge and ask for money/recharge from anyone in their friend list, without knowing their bank account details
- Non-Axis Bank customers can receive money/recharge and ask for money/recharge from anyone in their friend list, without knowing their bank account details
- Every time you send or ask for money, say whatever you want to say to your friends through customized messages, videos, voice notes or images
- Register your bank account details in a few simple steps for sending or receiving money, link your account only once and the same can be set as default for all subsequent transactions
- Make fund transfers/recharges for free
- Transaction limit: Make fund transfers starting from Rs. 1 up to Rs. 50,000 per day
Axis Bank Ping Pay – Security
As expected, Axis Bank is highlighting the security features of the app, driving customer trust being one of the first hurdles to overcome to drive adoption of any mobile banking and payment app, let alone any apps coupled with social media banking services:
- Your bank account information will not be compromised in any way. Ping Pay will never post your account related information on any of the public forums/walls of the social media platforms connected with the app.
- A unique MPIN is required every time you want to log-in
- Multiple login to the Ping Pay app from different mobile handsets is not allowed. You can use the application on only one device for one mobile number.
- While sending money, you will receive an auto-generated sender code which you need to share with the receiver. S/he will need to enter the same for receiving the money.
- Daily Transaction Limit – All of your financial transactions have respective daily limits.
- For sending money (Axis Bank customers only) – you will have to authenticate and link your bank account using your Axis Bank Debit Card or Internet Banking credentials.
Rajiv Anand – Group Executive & Head Retail Banking: “This is the only application on which you can send and ask for money. The transfer of funds is instant while in other platforms there is a waiting period of 30 minutes to one day.”