Axis Bank Launches Ping Pay, in Partnership with Fastacash

Axis Bank, India’s third largest private sector bank unveiled ‘Ping Pay’, 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.

The launch of 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.

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.

Mr 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.”

Mr. Vince Tallent, Chairman & CEO, Fastacash said: “India is one of the fastest growing social and messaging markets, with most of these services being accessed from mobile devices. The Indian consumer is looking for new and innovative ways to interact with payments and this is evident from the growth in the number of mobile wallet services being made available in India. 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.”

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 Pay app 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 autoreversed 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 across social.

The Ping Pay app is currently available on the Google Playstore, and will be made available through the iOS platform in the coming weeks.