Non-Resident Indians (NRIs) will now be able to transfer money using social media platforms like WhatsApp and even by email. Private sector lender ICICI Bank has announced the launch of a service that allows NRIs to send money to a beneficiary in India using these media.
Non-Resident Indians (NRIs) will now be able to transfer money using social media platforms like WhatsApp and even by email. Private sector lender ICICI Bank has announced the launch of a service that allows NRIs to send money to a beneficiary in India using these media.
Called ‘Social Pay’, the first-of-its-kind service is available on Money2India (M2I), ICICI Bank’s app. The new facility will enable NRIs to send money to their friends and family, to whom they occasionally remit money.
The customers simply 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 the bank details. This link is valid for 24 hours and is secured with a four-digit code set by the sender. The code has to be shared with the beneficiary which then validates the passcode before adding the bank details.
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The M2I user then re-verifies and confirms the payment details on the app to complete the transaction in a safe and secure manner. The transaction is carried out using the bank’s secured channels to ensure safety and privacy of information.
How to use ‘Social Pay’ from Money2India App:
Log into the M2I app
Enter the amount and select ‘Social Pay’
Set a four-digit passcode and choose bank account, purpose of remittance.
A link will be generated which can be shared through the desired social channel. Share the passcode separately with the beneficiary
The beneficiary needs to update their bank account details via a secured link which the M2I user generates.
They need to click on the transaction link and enter the four-digit passcode shared by the sender and then enter bank account details.
The sender gets a notification of the same on the app.
They then verify and validates the bank account details of the recipient on the app and confirms the same.
