Axis Bank launches Ping Pay to enable fund transfer across various platforms
The lender has seen 250 per cent growth in mobile banking transactions in 2014-15.
“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,” said Rajiv Anand, group executive and head (retail banking), Axis Bank.
Currently, the bank has 1.76 million customers on mobile apps and is adding 75,000-90,000 customers on this platform every month. In FY15, transactions worth Rs 12,636 crore (Rs 126.36 billion) were recorded on its mobile banking platform, compared with Rs 3,000 crore (Rs 30 billion) in FY14. A total of 12-13 per cent of its customer base is on this platform.
To send money through Ping Pay, one has to select a contact and mention the amount to be transferred. The receiver will get a link, after which she/he has to download the Ping Pay application and enter the bank account details. Subsequently, the money will be credited to that account. It isn’t mandatory for a receiver to be an Axis Bank customer.
The application also has a tool that allows one to ‘ask’ for money. This can also be used those who don’t have an account at the bank. Axis Bank customers can use the mobile app even without internet banking facility.
Through Ping Pay, a sum of up to Rs 50,000 can be transferred per transaction. Anand said recharge and fund transfers were the most frequently used features on the mobile application platform, adding the average ticket size of a transaction was Rs 5,000.
“We have a SIM and device lock feature. So, we match the mobile number one has and only when it matches, we allow a transaction. Apart from this, some other details are also taken to ensure it is completely secure,” he added.
Currently, the mobile banking application has 58 functions and the bank plans to increase this to 100 in three months. The application will also be available on the Apple Watch, to be launched in India soon.