ICICI Bank launches social media-based remittance service for NRIs

ICICI Bank has launched a cross-border remittance facility that can be used by NRIs for sending money to their friends and family in India through social media like WhatsApp and e-mail.

Christened 'Social Pay', a sender needs to register on the remittance service application Money2India to transfer money to someone in India.

This new facility will allow NRIs to send money conveniently to their friends and family, to whom they occasionally remit money, like on special occasions like festivals and birthdays, ICICI Bank said in a statement.

A user needs to generate a secure link, valid only for 24 hours, from the M2I app and share it with the beneficiary on their social media profile or email for adding his/her bank details. The link carries a four-digit code set by sender and which needs to be shared with the beneficiary to make happen the transaction by verifying the code.

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

"Social Pay embraces the medium as a way to simplify money transfers, adding to customer convenience. With this, ICICI Bank remains committed to extend its expertise in the cross border payments segment/business and the online money transfer," said Vijay Chandok, Executive Director, ICICI Bank.

ICICI Bank said the transaction is fully safe and secure because of the two-factor authentication process between the bank and the M2I user.