A slew of digital and social products await Indian customers, as Indian banks are now competing with each other agressively in a digital race. By launching Ping Pay, a service where customers can transfer funds, Axis Bank joins the list of Indian banks like HDFC Bank and ICICI Bank, who too have launched social media channels for transfering money. Axis Bank customers have to select a contact and mention the amount to be transferred. Once this is done, the receiver receives a link which he or she has to download the application and enter the bank account details.
The transferor to also additionally send a sender code that must be shared with the beneficiary. After one clicks on the “Send” button, money is successfully sent by the remitter and the beneficiary gets a message on his chosen platform. After this process, the amount is credited to the said account.
The transfer of money is instant as it will happen via NPCI’s Immediate Payment Service (IMPS). The transferor has to enter an amount and additionally send a sender code that must be shared with the beneficiary. The transaction limit is set at Rs 50,000 a month. Axis Bank, which has seen more than 200 percent growth in mobile banking transactions, is aggressively going on the digital route to further accelerate the momentum.