HDFC Introduces NGPAY: Mobile Fund Transfer Scheme: Finance Trading Times

HDFC Introduces NGPAY: Mobile Fund Transfer Scheme

Yesterday, HDFC bank emerged as the front runner in the technology upgrades. It introduced the fund transfer on mobile commerce network, under the name ngpay.HDFC-NGPAY-Mobile-Fund-Transfer-Scheme

Basically, it is a scheme through which the HDFC bank account holders can transfer funds to other HDFC accounts or other bank accounts through their mobile phones.
It was ICICI bank which was considered to be the most technology oriented bank. It had launched the map locator. But HDFC came out with a mobile transfer facility much ahead of ICICI. In the past also, HDFC has introduced MPay facility in alliance with Reliance Cell Phone.

This facility of HDFC NGPAY mobile fund transfer can be used across various stream – including accessing bank accounts, shopping, ticketing, and payments. HDFC Bank has become the first bank in India to offer, on one single platform, a full suite of banking and commerce services over the mobile. This will be a great respite for net savvy customers, who always found it hard to first get onto a computer and then dial-up the internet connection and buy tickets or transfer funds. The mobile NGPAY facility will ease out lot of pain from the process.

What is required for HDFC NGPAY mobile fund transfer facility?

A cell phone and a internet banking account with HDFC bank. HDFC Bank customers who are registered for fund transfer facility under the Bank's NetBanking services can download the ngpay application on their mobile handsets and begin transferring funds immediately.

How long will it take for funds to transfer through HDFC NGPAY mobile fund transfer facility?
Fund transfer will happen in real-time between two HDFC Bank accounts and within 48 hours when transferring to a non-HDFC Bank account.

What are the possible future developments one can expect from HDFC NGPAY mobile fund transfer facility?
Starting next month, it is planned that HDFC Bank customers will also be able to buy and sell units of different HDFC Mutual Fund schemes through NGPAY. Hope other banks to follow soon. Table of Contents
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