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Move over sending pics and videos, now you can send money through WhatsApp!

This may come as a good news to many and a burden to quite a few! After the announcement of Facebook’s free money transfer feature via Messenger, Facebook has decided to bring a similar functionality to its instant messaging service WhatsApp.

Axis Bank, India’s third-largest private bank, has decided to bring the easiness of instant money transfer to your friends via applications like Facebook, WhatsApp, Twitter, or via email or SMS

This is becoming possible with the help of Ping Pay service from the bank and is challenging its rivals HDFC Bank and ICICI Bank. 

ping pay

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.

For sending the money, you will enter the amount and set a secret code which you will share with the receiver. Now after you will hit the “Send” button, the money will be transferred and instantly received by the receiver on WhatsApp or other platforms along with a message.

The receiver should transfer the money to his/her bank within 15 days and failing which, the money will be transferred back to you.

Well all we can say is, if you are the one who is working and earning among your friends, you are likely to be bombarded with request! And for those gold diggers, it has opened up an opportunity for you to get richer!!!