In what is a first for one of India’s leading private bank – ICICI Bank – now, the bank’s NRI customers can send money to their friends and family in India via social media platforms. Having recently launched their Money2India remittance platform which comes with a number of beneficial features, ICICI bank has now rolled out this first-of-its-kind feature that they have labelled “Social Pay”. Now, within minutes, an ICICI Bank NRI customer can remit money to India to his/her close ones through this remittance feature.
For NRIs to send money to India through a social media platform – WhatsApp, email, etc. – he/she has to log on to the Money2India app and generate a secure link. When the sender generates the secured link, he/she will receive a four-digit PIN. Note, the link is valid for a maximum of 24 hours. Next, the sender has to share the secured link to the beneficiary, which can be done via any social media platform – Whatsapp, Email, Facebook, etc. The beneficiary has to then open the link and enter his/her personal details as well as their banking details. Finally, the beneficiary has to validate the details using the four-digit PIN, which the sender will share with the beneficiary along with the transaction link. Once the beneficiary has completed the process, the NRI can send the money through the ICICI Bank Money2India platform in a safe and secure manner. Once the transaction is complete, the NRI will receive a notification via SMS that the money has been credited to the account of the beneficiary.
Commenting on the launch of “Social Pay”, ICICI Bank Executive Director, Vijay Chandok, said that this remittance service will enhance the convenience of their NRI customers and since it’s that easy, they can send money without any delay to their friends and family on birthdays and special occasions. Lastly, apart from this first-of-its-kind type of fund transfer facility which involves social media platforms, ICICI Bank has also launched a voice-based remittance service on its Money2India Platform.