The bank has unveiled that Ping Pays person-to-person (P2P) fund transfers will use NPCIs Immediate Payment Service (IMPS). The current transaction limit is INR 50,000 per day (approximately USD 778). Axis Bank account holders will also be able to send funds to non-Axis Bank consumers.
Ping Pay was developed in partnership with Fastacash, a Singapore-based venture-capital backed company. Fastacashs technology enables value (money, airtime, coupon, etc.) transfers, along with digital content, across any social network and messaging platform. The company brings its technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
Axis Bank accountholders can download the Ping Pay app and sign up for the service using their registered mobile phone numbers and their Axis Bank online banking credentials or ATM or debit card to send funds and mobile recharges.
In March 2015, Axis Bank has joined forces with MasterCard and financial services company Vayana Network to provide digital invoicing solutions for B2B payments.
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