Icici introduces Twitter-based money transfers

Icici introduces Twitter-based money transfers

India's Icici Bank has introduced a convoluted process that lets customers send money to friends and family via Twitter.

To send a Twitter user money, registered customers have to direct message Icici with the #Pay hashtag, recipient's Twitter handle and the amount to be paid.

The sender will then get a text to their registered mobile number with a four digit redemption code that they need to share with the recipient, who also gets a Tweet from the bank with a link to a Web page.

Finally, at this Web page the recipient enters the code, along with their Twitter handle, name, account number and IFC code to get the money.

Icici introduced a similar, multi-step process for sending money to friends via Facebook back in 2013.

Meanwhile, the icicibankpay Twitter service also enables customers to tweet Icici to request their account balances, recent transactions, and to recharge their pre-paid mobile phone accounts.

Rajiv Sabharwal, executive director, 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."

Although it does not offer money transfers, Kotak Mahindra Bank also lets customers carry out tasks through Twitter with its 'Hashtag Banking' service.

Comments: (2)

Chetan Ghadge
Chetan Ghadge - Wipro - Pune 20 January, 2015, 09:24Be the first to give this comment the thumbs up 0 likes

Don't think anyone will use such a convulated way to transfer money. It doesn't offer the sender or reciver any benift or enhanced user experience.  The ideal way would have been if I am able to pay by tweeting " pay@xyz Rs 100 for coffee #icicipay".

 

 

A Finextra member
A Finextra member 20 January, 2015, 15:10Be the first to give this comment the thumbs up 0 likes

It's great to see Indian banks adapting to the changing digital financial infrastructure. FinTech is totally changing the banking industry and also posting a strong threat to the traditional local bands. Found this excellent white paper on FinTech with important facts, numbers, opportunities and trends. Read it here:

http://www.nunatak.com/2015/01/nunatak-update-v5-fintech/