According to recent press reports, Axis Bank of India is set to introduce a P2P mobile payments system which will let the customers send money to anyone through WhatsAPP, Twitter, Facebook and contacts list of the phone.
Fastacash, the social payments vendor from Singapore developed a app named ‘Ping Pay’ which is capable of enabling P2P money transfer and also the top-up of mobile through the IMPS (National Payments Corporation of India’s Immediate Payments Service).
Only the customers of the Axis Bank can download this application which is presently available for the Android users and will later introduce in iOS platform too.
After done with downloading, the users has to sign up using the bank registered phone numbers and also should link to payments card or the online banking credentials.
Users can send a maximum of 5o thousand rupees each day to any user who is having any bank account through the WhatsApp, Facebook, Twitter and emails which are very much popular with the world.
Users will choose a messaging channel or a social media and thereafter select the person’s name to whom they want to send, then entering the amount to be transferred and a pin code( This is separately shared with the receiver)
After performing the transactions, the money will be sent immediately within seconds and the receiver gets notified with a message. Within fifteen days the money in the account should be moved to the bank account using IMPS.
If the money is not transferred the bank account, the money will be sent back to the senders account.
Vince Tallent, the CEO of astacash 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.”