ICICI Bank has announced the launch of a novel service called Social Pay for enabling NRIs to send money to beneficiaries in India using social networking platforms such as WhatsApp, G-mail etc. The service is available on bank's app for remittances, Money2India (M2I).
How NRIs can transfer money to beneficiary in India using Social Pay on M2I?
As per FAQs by ICICI bank, Social Pay feature allows users to add new recipients using social networking channels like WhatsApp, Gmail etc.
To make the payment using the new Social Pay service, NRIs need to first initiate a Social Pay request by following the below steps
1. Login to M2I or Money 2 India app of ICICI Bank and enter the transaction amount
2. Select ‘Social pay' on the screen of the recipient and set a 4-digit passcode
3. Choose bank account details together with the purpose of remittance
4. Review all the transaction details
5. There upon a link will be generated which can be shared through social channels such as Twitter, Whatsapp, Gmail etc with the recipient along with the transaction message
Do note that sender needs to share the 4-digit passcode with the beneficiary separately.
Beneficiary now accessing the sent link has to update bank account details:
The process of remittance is completed after the beneficiary accessing the secured transaction link generated by the M2I user updates his bank account number.
Click on the transaction link then enter the pass code for verification shared by the sender > then update bank account details
The sent transaction link has a validity of 24 hours.
Sender receives notification on the M2I app and later re-verifies details to complete the transaction
As and when the beneficiary updates bank account details through the sent link, user gets a notification, post which he or she validates and verifies the bank details of the beneficiary on the app to confirm and complete the remittance transaction in a safe and secure way.
The information exchange between the banks' remittance app M2I and social media channels is executed through secured channels of the bank for ensuring privacy and safety of information.