India’s Axis Bank has launched a feature that will enable customers to use their social networking channels including Whatsapp, Facebook, Twitter, Email list and phone contact list to transfer money.
The bank’s Ping Pay service that is a mobile-based application will help account holders to facilitate instant money transfers through these online social networking platforms.
According to the Hindu Businessline, the person-to-person funds transfer through the app will happen with the help of NPCI’s Immediate Payment Service (IMPS).
To send money through the app, a user will be required to select a contact and feed in the amount to be transferred. Following this, the receiver will be sent a link to download the Ping Pay application and enter the bank account details.The money will be credited to that account.
Money can be transferred to account holder of any bank.
Axis Bank group executive and head (retail banking) Rajiv Anand was quoted by the Business Standard as saying: "The government wants to move into a less-cash society and there have been talks regarding this. This is our contribution towards that.
"As long as your contact is either on Twitter, Facebook, WhatsApp, email or SMS, you could send money to that person."
Currently the bank has put the transaction limit at Rs50,000 per day.
The person to whom the money is transferred will have 15 days to transfer the money to their bank account using IMPS.
If left unclaimed until 15 days of transfer, the transaction would be auto-reversed to the remitter’s account, according to the Economic Times.