ICICI Bank entices remittance senders with rewards
India’s ICICI Bank is rolling out a loyalty program for consumers who regularly send remittances to India via the bank’s Money2India online platform and app.
M2I Rewards gives users the opportunity to earn a lower exchange rate by accumulating points for each remittance sent to India.
Customers who join the rewards program may begin accumulating points for remittances sent within the basic exchange rate. As points pile up, users reach new thresholds qualifying them for incrementally lower exchange rates within four different rewards tiers. A dashboard available through M2I’s web browser and app shows users how many more remittances are needed to reach the next tier.
“The M2I Rewards program ensures that customers reap rewards throughout the year on every transaction they make,” said Vijay Chandok, executive director of ICICI Bank, in a press release.
ICICI, India’s largest private bank, claims it’s the first bank in the country to introduce a rewards program for cross-border remittances. ICICI recently added a social media payment option for its M2I users, enabling customers to send remittances via WhatsApp.
India is the world’s leading market for inbound P2P remittances, receiving $80 billion last year, according to the World Bank. China was second, with $67 billion flowing into the country via remittances, followed by Mexico and the Philippines, which were tied at $34 billion.