In deploying the Social Pay money transfer service, ICICI Bank says it is the first bank in India to allow nonresidents to send money to family and friends in the country for special occasions like festivals and birthdays.
Social Pay allows nonresidents to work through the bank's Money2India app to send money to a beneficiary in India by using social media or email channels.
"With an increasing number of people connected on social media globally, ‘Social Pay’ embraces the medium as a way to simplify money transfers and adding to customer convenience," Vijay Chandok, executive director at ICICI Bank, said in a Thursday press release.
To transfer money, users generate a secure link from the Money2India app and share it with the beneficiary on their social media profile or email for adding bank details. The link is valid for 24 hours and secured with a four-digit code set by the sender to share with the beneficiary, who validates the passcode before adding bank details. The app user then re-verifies and confirms the payment details on the app to complete the transaction.
The communication between Money2India app and social media platforms is carried out using ICICI's secured channels to ensure safety and privacy of information, the bank said.
Any transaction carried out on this platform has a two-factor authentication between the bank and the app user.