ICICI Bank Limited, India’s largest private sector bank by consolidated assets, has launched 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 Pa’, this first-of-its-kind service by any Indian bank 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.

ICICI Bank is the first in India and among few globally to launch a service that allows cross-border remittances over social media.

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.

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. – TradeArabia News Service