Axis Ping-Pay review: Sending money on social is a good idea right now
All this talk of cardless payment, NFC tap-and-pay methods have one thing in common i.e. smartphone. These payment options won’t see the light if it weren’t for the support of mobile and its supporting ecosystem. The infrastructure is being put in place for major banking institutions to set up their mechanism, which supports cardless payment. However, it seems people have missed out on the most popular aspect to conduct financial transactions i.e. social networking.
While it’s always safe to keep work and play separate from each other but in this age when time is of essence to everyone, there can be an exception. And that’s precisely what India-based Axis Bank has tried its hands with in the form of Ping Pay which is available to users on Android and pretty soon for Apple users as well.
Ping Pay works on multiple social platforms like WhatsApp, Twitter or LinkedIn for that matter. The company describes Ping Pay as ‘Social, fun and personal’ way of doing money transaction with one another.
The app has mixed convergence of two-factor authentication and accessible social methodology. It’s got all the requisites that one will ever need to send money but can social platforms be trusted with security? We asked the bank to which they have given us assurances of the secured manner in which the transaction takes place. “The transaction takes place from the app, wherein you select the contact to whom the money is to be sent and that person will receive coded link which is only accessible to him.”
That sounds quite acceptable and just to validate their claims we tried using the app via an Axis bank holder, who is only allowed to send money right now. And this is what you will have to do:
-Download and use the app, you have to create 6 digit MPIN number before getting access to its features.
-Once you’re done with that, then you get to choose the person to whom the money is to be sent.
-The app asks for bank details (IFSC code and Bank name) to be filled for the receiver.
Now we show you the receiver’s end process:
-He gets a WhatsApp message from the sender (contact) which states “Money sent via Ping Pay” and also you get the link attached which opens up into another dialog box.
-You can accept/reject the sent amount and allow the same to be transferred to your account by adding details of the same.
Well, it’s still not as easy as posting pictures on Facebook by the sight of sending money going social promises a lot right now but a lot of work is needed to make sure that all precautions are duly handled diligently.
Axis bank envisages Ping Pay going cross-bank compatible (for sending) in the foreseeable future which would encourage more users to make the mobile move.