Axis bank has released ‘Ping Pay’, a brand new payment solution that gives India’s smartphone users the ability to transfer money through Facebook, Twitter and Whatsapp.
India’s third largest private sector bank is trying to capture a much younger audience through the Ping Pay system, as well as encouraging India to become a cashless society.
‘‘Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy,’’ said Rajiv Anand, group executive – retail banking, Axis bank.
Customers will be able to transfer as much as INR 50,000 a day to anyone, regardless of whether they are a member of Axis bank.
Ping Pay also represents a new partnership between Axis and Singapore-based Fastacash, a global payment platform specialising in money transfers via social media.
Fastacash’s technology enables value (money, airtime, coupons, etc) transfers, along with digital content, across any social network and messaging platform. The company brings it technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
‘‘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,’’ stated Vince Tallent, chairman & CEO, Fastacash.
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