ICICI Bank adds social media twist to mobile money transfers in India

3. May 2018.

ICICI Bank, India’s largest private sector bank by consolidated assets, has announced the launch of a service that enables consumers outside of India to transfer funds to a beneficiary in India using social media like WhatsApp and e-mail.

The service, called Social Pay, is a first-of-its-kind service by any Indian bank and is available on Money2India, the bank’s app for remittances, according to a press release.

To transfer money, users need to generate a secure link from the 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 Money2Indiauser then re-verifies and confirms the payment details on the app to complete the transaction in a safe and secure manner, according to the press release.

“With increasing number of people connected on social media globally, Social Pay embracesthe medium as a way to simplify money transfers, adding to customer convenience,” Vijay Chandok, executive director of ICICI Bank, said in the press release.

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