Ping Pay, the fun and easy way to transfer funds

Ping Pay, the fun and easy way to transfer funds
Once
upon a time, not quite long ago in history, sending money to someone was such a
big exercise.
An exercise,
sure it was which involved issuing a cheque or even going to bank to get a
draft made, sending it across to the intended recipient, who again would make
that boring stride to the bank to deposit the instrument, and then wait till
eternity for the clearing system to work till the funds gets transferred to the
account.
Sounded like
a boring Bollywood story. Indeed it was, and tedious too. So tedious that the
transferor used to invent ways and means to avoid transferring funds.
I remember
my student days, perhaps three decades ago, when I used to run out of my pocket
money at my hostel towards to end of the month, and I would telegram my Dad,
And quite
expectedly, I would get a return telegram from my Dad,
Banking and
fund transfer, surely, has come a long way since then. And leading the way in it
is Axis Bank with its latest initiative, the Ping Pay.
It is a
unique multi-social payment solution which enables customers to transfer money
to anyone, including non-Axis Bank customers using the hugely popular social
and messaging channels like WhatsApp, Facebook, Twitter or even Email. The only
simple condition specified that the person needs to be on the transferor’s
phone contact list. And its not just money transfer, this can be used for
mobile phone recharges as well.
Ping Pay
offers instant, 24×7, absolutely safe and convenient interbank electronic
transfer service through our mobile smart phones. The fund transfer is instant
and real time using the NPCI’s Immediate Payment Service, more commonly known
as IMPS.
With a
present transaction and per day limit set for Rs.50,000, Ping Pay has been
introduced by Axis Bank with a strategic plan of bringing superior customer
convenience, embedded in a seamless and secure process, to finally realize the
dream of turning India into a paper money less economy.
Axis Bank
has been quite innovative in realizing and tapping the huge prepaid mobile
market including the facility of sending person-to-person mobile recharges in
this Ping Pay App.
The
technology for this amazingly wonderful App has come in partnership with Fastacash,
a Singapore based, venture-capital backed firm, which has the dream of bringing
its technology to end users by partnering with banks, mobile operators,
remittance companies, payment service providers and mobile wallets as its endeavor.
Any person
can download the Ping Pay App and sign up using their registered mobile numbers
to receive money, with the only condition that the transferor needs to a an
Axis Bank account holder.
The fund
transfer procedure has been made so hassle free that the App users need not
even type in the account number and IFSC Code. To send money, the account
holder needs to just choose any of the social or messaging channels available
on his mobile phone, select the name of the person to whom the money is sent, enter
the amount that he wishes to send, and set his own unique “ping code” which is
immediately shared separately with the receiver via SMS or email. As soon as
the transaction is confirmed, the money is immediately sent with the recipient
receiving a message on the social or messaging channel opted by the sender.
The receiver
has 15 days with him to accept and get the money transferred to his bank
account and if he does not do it within this specified time period, the amount
gets auto-reversed to the sender’s account.
If I had
forgotten to mention, there is an option to “Ask for Money” or “Ask for
Recharge” too, probably built into this “seamless” App for the “shameless” kids
demanding from their Dads, the way I used to do, three decades back. The receiver
needs to just put in a request for funds or seek recharge from their friends
and family across the social media. And I am sure; the sender would not have
such easy excuses as my Dad had at those times.
Smitten by
this App already? Then watch this video to be further amazed.

This post is about DigitalAxis meet conducted by Axis Bank in association with Blogadda.com

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