MUMBAI, India, April 6, 2018 /PRNewswire/ --
- First bank in the country to allow
NRIs to remit money to India
through social media including WhatsApp and by email
- Available 24x7
anytime, anywhere
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 e-mail. Christened 'Social Pay',
this first-of-its-kind service by any Indian bank is available on
Money2India (M2I), the bank's app for remittances. This new
facility will enable NRIs to send money conveniently to their
friends and family, to whom they occasionally remit money, like on
special occasions like festivals and birthdays.
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 Limited is the first in India and among few globally, to launch a
service that allows cross-border remittances over social media.
Speaking on the initiative, Vijay
Chandok, Executive Director, ICICI Bank said, "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. Users of our Money2India
remittance app can now send money to their friends and family on
special occasions like birthdays and festivals by leveraging social
media, which they are regularly using. With this facility, ICICI
Bank remains committed to extend its expertise in the cross border
payments segment/business and the online money transfer."
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.
Simple steps to use 'Social Pay' from Money2India App
- Sender to initiate transaction: Log into the M2I app > enter
the amount > select 'Social Pay', set a four-digit passcode >
choose bank account, purpose of remittance. A link will be
generated which can be shared through the desired social channel.
He/she also needs to share the passcode separately with the
beneficiary
- Beneficiary to access link: To complete the payment process,
the beneficiary needs to update his/her bank account details via a
secured link which the M2I user generates. He/she needs to click on
the transaction link and enter the four digit passcode shared by
the sender > enter bank account details
- Sender to confirm transaction: Once the beneficiary submits
his/her bank account details, the sender gets a notification of the
same on the app. He/she then verifies and validates the bank
account details of the recipient on the app and confirms the
same.
The launch of this new feature comes close on the heels of a
number of technology-led innovative services on the Money2India
remittance platform. The bank recently launched the new M2I website
and mobile application with a host of features, many of which are
industry-firsts, including voice-based international remittance
service.
ICICI Bank is a pioneer and the leading bank in the remittance
market in India. Money2India has
been facilitating remittances into the country since the last 15
years, catering to millions of NRIs worldwide. The Bank also has a
wide array of arrangement with a host of correspondent banks across
the globe to enable quick and easy trans-border money
transfers.
For news and updates, visit http://www.icicibank.com
and follow us on Twitter
at http://www.twitter.com/ICICIBank
ICICI Bank services its large customer base through a
multi-channel delivery network of 4,856 branches, 13,792 ATMs,
phone banking, Internet banking (http://www.icicibank.com), mobile
banking, banking on Facebook & Twitter and 'PocketsbyICICIBank'
the country's first digital bank on mobile.
About ICICI Bank Ltd:
ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank by
consolidated assets. The Bank's consolidated total assets stood at
US$ 165 billion at December 31, 2017. ICICI Bank's subsidiaries
include India's leading private
sector insurance, asset management and securities brokerage
companies, and among the country's largest private equity firms. It
is present across 17 countries, including India.
For media queries write us at:
corporate.communications@icicibank.com
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SOURCE ICICI Bank Ltd
