Updated By: LatestGKGS Desk
ICICI Bank Launched Social Pay Service For NRIs Money Transfer
ICICI Bank Launched 'Social Pay' Service For NRIs Money Transfer- Details, Features, Purpose
India’s leading ICICI Bank on 4th April 2018, has launched a new service called as 'Social Pay', for Non-Resident Indians (NRIs) account holders to send money to people in India using social media apps such as ‘WhatsApp’ and ‘e-mail’.
The ‘Social Pay’ service is available on Money2India (M2I), the ICICI bank's app for payments. NRI’s can now be able to easily send money to their families & friends etc in India by using this service.
ICICI Bank account holders, in order to transfer money transfer money, need to generate a secure link from the M2I app and share that link with the beneficiary on their social media profile or email for adding beneficiary’s bank details.
The shared link will be valid for 24 hours, which is secured with a 4-digit code set by the sender, which he/she shares with the beneficiary. The beneficiary then validates the passcode before adding the bank details.
ICICI Bank’s M2I user then re-validates & confirms the payment details on the app to complete the transaction in a safe and secure manner.
ICICI Bank Executive Director, Vijay Chandok informed that in a bid to provide smooth accounting with and with the increased number of people connected on social media worldwide, 'Social Pay' service will work as a medium to simplify money transfers.
Vijay Chandok further added that the conveyance between Money2India app and social media platforms is carried out using the bank's secured channels (2way authentication) to ensure safety and privacy of information.
