India's ICICI Bank has launched a Facebook app that enables customers to send money to friends through the social network.
To make a payment to any friend on Facebook using the Pockets app customers fill in a short form, choosing which account to send the money from, the recipient's name and the amount to be transferred. Once the transaction is confirmed, both the sender and the recipient receive a 'coupon ID' and a passcode.
The convoluted process then requires the recipient to click a link in an e-mail, which takes them to a page where they have to enter the coupon number, their name and bank account details and, finally, the passcode, to accept the payment.
The Pockets app also has a 'split and share' feature, enabling users to create events and then track related group expenses and send messages to remind friends about pending payments.
Other features include the ability to top up pre-paid mobile phone from Facebook, book movie tickets, check account balances and pay utility bills.
Chanda Kochhar, CEO, ICICI Bank, says: "This innovation is in line with our philosophy of Khayaal Aapka wherein we offer products and services which make banking easier and more convenient for our customers. 'Pockets by ICICI Bank' will enable the young consumers, who spend a lot of time on Facebook, to carry out a wide set of transactions without having to leave the social media site."