What if you run out of cash and need a fast and easy way to ask your friends for money? Here’s a ...
What if you run out of cash and need a fast and easy way to ask your friends for money? Here’s a good news for you. After the announcement of Facebook’s free money transfer feature via Messenger, now the social networking company has decided to bring a similar functionality to its instant messaging service WhatsApp.
This is becoming possible with the help of Ping Pay service from the Axis bank, India's third largest bank and is challenging its rivals HDFC Bank and ICICI Bank. Rajiv Anand, group executive, retail banking at Axis Bank said:
“This is the only application on which you can send and ask for money. The transfer of funds is instant while in other platforms there is a waiting period of 30 minutes to one day.”
This friend-to-friend money transfer takes place via the Immediate Payment Service (IMPS) of NPCI and currently Indian users can send up to Rs. 50,000 per day to their friends using this service. This service is yet to be available to the rest of the world in due time.