Dubai: ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of a service that enables Non Resident Indians (NRIs) to send money to a beneficiary in India using social media like WhatsApp and email.
Christened ‘Social Pay’, this service is available on Money2India (M2I), the bank’s app for remittances.
To transfer money, users need to generate a secure link from the M2I app and share it with the beneficiary on their social media profile or email for adding his/her bank details. This link, which is valid for 24 hours, is secured with a four-digit code set by the sender, which he/she shares with the beneficiary. The beneficiary then validates the passcode before adding the bank details. The M2I user then re-verifies and confirms the payment details on the app to complete the transaction in a safe and secure manner.
ICICI Bank is the first in India and among few globally to launch a service that allows cross-border remittances over social media. “ICICI Bank is one of the leading players in the Indian remittance market. With increasing number of people connected on social media globally, ‘Social Pay’ embraces the medium as a way to simplify money transfers, adding to customer convenience,” said Vijay Chandok, Executive Director, ICICI Bank.
The communication between Money2India app and social media platforms is carried out using the bank’s secured channels to ensure safety and privacy of information. Any transaction to be carried out on this platform, has a two-factor authentication between the bank and the M2I user, thus ensuring that the transfer of money takes place in a safe and secure manner.
