When mobile banking first entered in 2008, little did we know that new media can make banking agnostic to this point? Brace yourself for the social network of banking.
A unique, multi-social payment app that enables transfer of money through social channels such as Facebook, WhatsApp and Twitter, Axis Bank’s Ping Pay takes a leap in social banking.
The new face of social banking?
According to a recent report by IAMAI, social media users in India consists of 34 percent college-going students, followed by young men at 27 percent. With a social network for getting jobs to finding a spouse already in place, a social network for banking was only natural.
But, the question is how to get consumers to adopt this? Let’s dissect Ping Pay, the social network for banking.
According to Axis Bank’s official statement, Ping Pay empowers consumers to make payments via social networking and messaging platforms without needing bank account details of the recipient.
Users just need to download the app and sign in with their registered mobile number and associate their Axis Bank internet banking credentials or ATM/Debit Card to send, receive or request money and mobile recharges.
The app functions on a gesture-based user experience. Consumers need to select a social messaging channel along with the name of the person they want to send the money to. Post entering the amount, users have to set a Ping code that is shared with the receiver separately.
Upon confirming the transaction, the money is immediately sent and the recipient gets a message across the social channel selected by the sender. Users then have 15 days to transfer the money in the account of their choice (also for non-Axis Bank account) using IMPS.
The technology angle
Axis Bank has partnered with Fastacash which offers its technology to end users by partnering with banks, mobile operators, remittance companies, payment service providers and mobile wallets.
What works for Ping Pay?
The UI and easy functionality emerge as the biggest winners of Ping Pay. Also, Axis Bank has managed to give it a very user-friendly approach to create an appeal with the youth.
Ping Pay offers Ask for Money and Ask for Recharge options – catering to one of the biggest youth needs in India’s largely prepaid market.
Its messaging feature also gives the perfect social networking look and appeal. What also works quite well for this segment is a one-of-its-kind feature that allows users to append texts, pictures, audio and videos along with the money transfer, making payments on Ping Pay ‘truly social’.
What sets Ping Pay apart from other social media banking platforms is the way Axis Bank has taken it to market. Here the brand has taken the ‘road less travelled’ and has latched on to a consumer-led insight instead of focusing on the convenience of social payments.
All the marketing communication around the app is built on the line of one central idea – that whenever people pay or ask for money, they always have something to say. Deep rooted in consumer behaviour, this campaign strikes a chord with the tongue-in-cheek communication & lines like ‘Now I know why you’re still single’, ‘Main aaj bhi phenke huye paise nahi uthata’.
The app has been marketed with a youthful and refreshing feel across social platforms using the #tag #PingPayKaro. With relatable, humorous content, the campaign has managed to create quite an impression.
The social angle
To build buzz and conversations around the campaign, Axis Bank conducted two contests on Twitter. The first one got people to share what they would say when they paid their friends – and replies needed to be iconic movie dialogues. The contest saw great participation from users, and we have collated a few we absolutely loved:
The second contest revolved around getting people to imagine alternate movie scenarios, had Ping Pay been there for transferring money.
Built on the lines of a social network for banking – Ping Pay holds all the elements of an appealing social networking site for utility. Additionally, the consumer insight driven marketing angle, gives the just right social feel to users. So next time you have to pay, just #PingPayKaro.