Now you can transfer funds via WhatsApp; courtesy Axis Bank

If you thought exchanging messages and photos were the only things you could with WhatsApp, think again! Thanks to Axis Bank, now you can transfer funds via WhatsApp, Facebook, Twitter, e-mail and even phone contact lists.

Axis Bank, India’s third largest private sector bank, on Monday launched ‘Ping Pay’ service, a unique multi-social payment app in partnership with Fastacash, a Singapore-based venture-capital backed firm that enables value transfers like money, airtime, coupons, etc.

Through ‘Ping Pay’, now smartphone users would be able to transfer funds to recharge mobile, to even non-Axis Bank account holders.

The person-to-person fund transfers through Ping Pay would happen via Immediate Payment Service (IMPS) and presently the transaction limit is at Rs. 50,000 per day. The service would be round-the-clock.

During the launch, Rajiv Anand, Group Executive & Head - Retail Banking, Axis Bank, said, “Launch of Ping Pay, a unique multi-social payment solution is yet another milestone in our journey to offer digital solutions to our customers. Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy.”

The move by Axis Bank is seen as a strategic one in bringing superior customer convenience, embedded in a seamless and secure process.

Ping Pay will also play an important role in India’s progress towards becoming a cashless economy. India is largely a prepaid mobile market.

Vince Tallent, Chairman & CEO, Fastacash said that India was one of the fastest growing social and messaging markets, with most of these services being accessed from mobile devices.

“Together with Axis Bank, with whom we share a strong working relationship, a common vision and goal, we are delivering innovation in digital banking and bringing to consumers payment solutions that are secure and seamless. Our focus is really on simplifying the entire digital banking and payment experience,” he added.

Axis Bank account holders can download the Ping Pay app, which provides an innovative, gesture based user experience that enables money transfers without having to type in the account number and the IFSC code.

When sending money through social networking site, the user can select one 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.

The receiver has 15 days to transfer the money to his/her bank account. 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.