ICICI Bank Launches New Service. How To Send Money Via Social Media Apps

Mumbai: ICICI Bank has announced the launch of a service to enable Non-Resident Indians (NRIs) to send money to beneficiaries in India using social media apps such as WhatsApp and e-mail. Named as 'Social Pay', the 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 & confirms the payment details on the app to complete the transaction in a safe and secure manner.

Speaking on the initiative, Vijay Chandok, executive director, ICICI Bank said, "With increasing number of people connected on social media globally, 'Social Pay' embraces the medium as a way to simplify money transfers."

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.

Here's how you can use 'Social Pay' from Money2India App:

Sender initiates 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. The person also needs to share the passcode separately with the beneficiary.

Beneficiary accesses 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.