Sociable ICICI Bank slings “Social Pay” your way
ICICI Bank has launched a new service offering non-resident Indians (NRIs) the ability to send money to a beneficiary in India using social media and e-mail.
Called “Social Pay”, this “first-of-its-kind service by any Indian bank” is available on Money2India (M2I), the bank’s app for remittances.
Vijay Chandok, executive director, ICICI Bank, says: “With an 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.”
To transfer money, users need to generate a 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.
The communication between the app and social media platforms is carried out using the bank’s “secured channels to ensure safety and privacy of information”.
According to the bank, M2I has been facilitating remittances into the country for the last 15 years.
Last year, ICICI Bank unveiled India’s first voice-based international remittance service to enable NRIs to send money to any bank in the country.