India’s leading private sector bank, ICICI Bank, has announced the launch of a service which enables the Non-Resident Indians (NRIs) to send money to beneficiaries in India using social media platforms such as WhatsApp and email. Named ‘Social Pay‘, the first-of-its-kind service is now available on Money2India (M2I), the bank’s app for remittances. The facility would enable NRIs to send money easily to friends and family.
“ICICI Bank is one of the leading players in 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 friends and family on special occasions such as birthdays and festivals by leveraging social media, which they are regularly using,” said ICICI Bank Executive Director, Vijay Chandok.
How does social media-enabled money remittance work?
In order to transfer the money, users need to generate a secure link from the M2I app and share it with beneficiaries on their social media profile or email for adding their bank details. The link, which is valid for 24 hours, is secured with a four-digit code set by a sender, which they share with the beneficiaries. 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 in order to complete the transaction in a safe and secure manner.
The communication between the Money2India app as well as the social media platforms is carried through using the bank’s secured channels in order to ensure the safety and privacy of information. Any transaction, which is to be carried out on the platform, has a two-factor authentication between the ICICI Bank and M2I user. This ensures that money transfer takes place in safe and secure manner. In order for the sender to initiate a transaction, a user may log into the M2I app, enter amount, select ‘Social Pay‘, set a four digit passcode, choose bank account, and the purpose of remittance. A link is generated, which is shared through the desired social channel. The user will also need to share passcode separately with a beneficiary.
In order to complete the payment process, a beneficiary needs to update their bank account details through a secured link which an M2I user generates. They need to click on transaction link and enter four-digit passcode, which is shared by sender, and then enter the bank account details. Once a beneficiary submits bank account details, sender gets a notification for the same on this app. He/she then verifies and validates bank account details of recipient on the app and confirms it.
This new feature comes after a number of technology-led innovative services on the Money2India remittance platform. The bank has recently launched the new M2I website as well as mobile application with a host of features, several of which are industry-firsts, including voice-based international remittance service.