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RETAIL BANKING | Staff Reporter, India

ICICI Bank unveils cross-border remittance service via social media

‘Social Pay’ will be available on the banking app Money2India.

ICICI Bank launched Social Pay, a cross-border remittance service over social media platforms like WhatsApp and email.

According to a press release, it will be available on Money2India (M2I), ICICI’s app for remittances which could enable non-resident Indians to send money to a beneficiary in India.

To transfer money, users need to generate a secure link from the M2I and share it with the beneficiary. The link, which is valid for 24 hours is secured with a four digit code. The beneficiary then validates the passcode before adding the bank details. The M2I user then re-verifies & confirms the payment details on the app, completing the transaction.

“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,” said ICICI Bank executive director Vijay Chandok.

ICICI Bank is the first in India to launch such a service.

“With this facility, ICICI Bank remains committed to extend its expertise in the cross border payments segment/business and the online money transfer,” Chandok added.

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