HDFC launches fund transfer on 'ngpay'

Chennai, May 6: HDFC Bank today launched Fund Transfer on 'ngpay,' India's leading mobile commerce network. With this launch, 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, including accessing bank accounts, shopping, ticketing and payments, according to a release here.

With 'ngpay,' users could complete end-to-end transactions with their favourite merchants, banks and service providers through a simple, consolidated menu on their mobile. 'ngpay,'which was free for users, had certified financial grade security, works on entry-level GPRS handsets and across telecom networks, the release claimed.

HDFC Bank customers, who were registered for fund transfer facility under the bank's 'NetBanking' services could download the 'ngpay' application on their mobile handsets and begin transferring funds immediately.

Fund transfer would happen in real-time between two HDFC Bank accounts and within 48 hours when transferring to a non-HDFC Bank account.

Starting next month, HDFC Bank customers would also be able to buy and sell units of different HDFC Mutual Fund schemes through 'ngpay,' the release added.

UNI