Axis Bank sees 250 pc growth in mobile banking

MUMBAI, INDIA: In what can be termed as a landmark development, Axis Bank, one of the premier banks in India, has registered a whopping 250 percent growth in mobile banking transaction in FY2014-15.

Axis Bank has introduced a scheme for its customers to remit money through multiple platforms using a mobile app called Ping Pay.

The bank recorded transactions worth Rs 12,636 crore on its mobile banking platform in FY2015 vis-à-vis Rs 3,000 crore in FY2014.

Currently, 1.76 million customers use mobile apps, and the bank is adding about 90,000 customers on the mobility platform every month.

In a bid to encourage more and more customer onto the mobile platform, the bank recently launched PingPay, a multi-social payment app that lets users send or ask for money and mobile recharge across Facebook, Whatsapp, Twitter, email and SMS.

Rajiv Anand, Group Executive and Head, Retail Banking, Axis Bank, said, “It is not mandatory for a receiver to be an Axis Bank customer. Through Ping Pay, one can transfer upto Rs 50,000 per transaction. Nearly 13 percent of our customers are using this app.”

How to use Ping Pay?

To send money through Ping Pay, you have to select a contact and mention the amount to be transferred.

The receiver will get a link, after which s/he has to download the Ping Pay application and enter the bank account details.

The money will be credited to that account.