Axis Bank Pvt Ltd – Social Pay winner 2015
Axis Bank, India’s third largest private sector bank today unveiled ‘Ping Pay’, a unique multi-social payment solution to enable customers, specially the youth and smart phone users, to transfer money and mobile recharge, person-to-person, including to non-Axis Bank account holders, using social and messaging channels like WhatsApp, Facebook, Twitter, Email and Phone Contact lists.
The person-to-person fund transfers through Ping Pay would happen via NPCI’s Immediate Payment Service (IMPS) and currently the transaction limit is at INR 50,000 per day. IMPS offers an instant, 24X7, safe and convenient interbank electronic fund transfer service through mobile phones.
The launch of Ping Pay is seen as a strategic step by Axis Bank in bringing superior customer convenience, embedded in a seamless and secure process, to one of the most important online financial transactions viz. funds transfer, and in the process fast-pacing India’s progress towards becoming a cashless economy. India is largely a prepaid mobile market – the Ping Pay app also enables sending person-to-person mobile recharges, tapping into a huge opportunity.
Ping Pay has been developed in partnership with Fastacash , a Singapore based, venture-capital backed firm.
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.
The underlying philosophy at Axis Bank is to create solutions that best meets the customers’ needs leveraging our big data capabilities. There has been a tremendous upsurge in the amount
of time spent on the social media in recent times. However, our analysis showed that the
conversations did not relate much to banking. The key challenge for us was to –
- Be where the customer is
- Make Banking intuitive and simple
This meant that Axis Bank had to provide a solution across multiple social media platforms along with a user experience comparable with the best apps in the markets and not merely better than other banking applications.
This led to the creation of Axis Bank Ping Pay which made transferring money easy and intuitive with an application that is gesture based and communicative. The app is a multi-social payment application using which one can send or ask money and recharge using WhatsApp, Facebook, Twitter, e-Mail and SMS and at the same time lets the user send fun messages, video, audio and pictures while transacting.