Indian private sector lender ICICI Bank has launched a social media-based money transfer service targeted at non resident Indians (NRIs).
The new service, dubbed Social Pay, will enable users to make remittances using various social media platforms such as WhatsApp and e-mail.
The service can be accessed by ICICI customers on the bank’s remittance app known as Money2India (M2I).
In order to make a transaction, users needs to create a secure link from the M2I app with a four digit code and share the payment details with the beneficiary.
The beneficiary has to validate the given passcode, and the transaction is completed after the details are re-verified by the sender.
ICICI Bank executive director Vijay Chandok said: “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.”