What if you get stuck in the night somewhere, in need of cash ? You may panic, try to contact people you know living near by to come and help, this would create a lot of confusion and may cause inconvenience to the helper . Why to , cause inconvenience, when you have a better option now , guess what ! Instead of expecting them to come and help, you can directly ask them to transfer money through Whatsapp. Yes this news is true!!
Axis Bank, the country’s third largest private sector bank now facilitates instant transfer of money on various social media channels like Whatsapp, Facebook, Twitter, Email list and phone contact list. The bank’s Ping Pay service competes with other banks digital products like ICICI Bank’s Pockets and HDFC Bank’s Chillar.
“This is the only application on which you can send and ask for money,” said Rajiv Anand, group executive – retail banking at Axis Bank.“The transfer of fund is instant while in other platforms there is a waiting period of 30 minutes to one day,” he further added.
The person to person transaction via Ping Pay would happen through NPCI’s Immediate Payment Service (IMPS) . And for now the transaction limit is at Rs50,000 per day. Ping Pay users can register through their registered mobile numbers and for sending money can associate their Axis Bank BSE 2.80 % internet banking credentials or ATM/ Debit Card to send money. The users can choose any social application and select the name of the person to whom funds are to be transferred. The beneficiary receives an SMS/ notification informing receipt of funds.
The transmitter has to enter the amount and set a sender code that has to be shared separately with the beneficiary. After clicking on the “Send” button, the money is successfully sent by the transmitter and the beneficiary will get a message on his chosen social platform of transaction. The beneficiary would have 15 days to transfer funds to his/her bank account using IMPS. If the beneficiary does not claim the money received within 15 days, the transaction would be auto-reversed to the transmitter’s account.
Banks are fighting for the digital wallet of the consumer. It is their strategy to use the social media platform to attract the younger generation and also bring down transaction costs. Whatever the reason be, this whatsapp service, would definitely work positively for the consumer