Axis Bank, which is considered India's third largest private sector bank, today unveiled a payments system called Ping Pay that enables smartphone users to send funds and mobile minute top-ups to contacts on social and messaging channels such as WhatsApp, Facebook, Twitter, email and phone lists.

The bank announced in a press release that Ping Pay's person-to-person fund transfers will use NPCI's Immediate Payment Service (IMPS). The current transaction limit is 50,000 rupees per day.

Axis Bank account holders will also be able to send funds to non-Axis Bank consumers. 

Axis said Ping Pay was developed developed in partnership with Fastacash , a Singapore-based venture-capital backed firm. Fastacash's 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, according to the announcement.

"The launch of Ping Pay, a unique multisocial payment solution, is yet another milestone in our journey to offer digital solutions to our customers," sai Rajiv Anand, group executive and head of retail banking for Axis Bank. "Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy."

Axis Bank accountholders can download the Ping Pay app and sign up for the service using their registered mobile numbers and their Axis Bank online banking credentials or ATM or debit card to send funds and mobile recharges.