IndusInd Bank quickpay

Private sector lender IndusInd Bank has launched a new payment product called Quickpay where its customers can send money to their personal contacts and business parties through SMS and email. Customers can go to the bank website and transfer money to a recipient by filling a form with the email ID or mobile number of the receiver. IndusInd Bank’s head of digital and  payments business Ritesh Raj Saxena said that the bank would also be releasing its wallet based payment app soon.

How it works

– A customer has to enter the email ID or mobile number along with the amount to be transferred. There is no need to remember account numbers or add as beneficiaries. They can also choose to add a personalized message to the beneficiary.

– You can either use net banking credentials or IndusInd Bank debit card details to send money.

– Note, the maximum amount that can be transferred is Rs 10,000. The bank mentions that there are no transaction charges for using Quickpay.

– Once a transfer is initiated, the bank will send a link to the beneficiary where he/she can enter his/her account number, bank name, IFSC code and receive funds. Note, only the banks which are supported for IMPS transactions will be displayed in the drop down.

– The sender gets a ‘Quick code’ that is shared with the recipient for completing the transfer.

Other players

– Kotak Mahindra Bank  launched KayPay, a bank agnostic payment product for Facebook users to send money to each other last year which works on the IMPS platform too.

– India’s largest private sector lender ICICI Bank got out its digital wallet called Pockets. The wallet allows users to send money to any e-mail id, mobile number , friends on Facebook and even bank accounts directly. Beneficiaries will receive a link which will direct them to a secure page where they have to enter their bank account details to get the money credited to their account.

– HDFC Bank  partnered with mobile payments company Chillr and introduced a similar payments solution. The app allows users to pick pretty much any bank in the country, however as of now only HDFC Bank customers can carry out outgoing transactions, while customers of other banks can only receive money.

– Axis Bank also introduced multi-social payment solution ‘Ping Pay’ to enable customers with smart phones to transfer funds, person to person, including to non-Axis Bank account-holders, using varied social media channels.