ICICI Bank now lets you transfer money via Twitter

ICICI Bank's new service called icicibankpay also allows customers to check account balance, view last three transactions and recharge prepaid mobile.

Published Date
21 - Jan - 2015
| Last Updated
21 - Jan - 2015
 
ICICI Bank now lets you transfer money via Twitter

ICICI Bank in coordination with Twitter has launched a new service called 'icicibankpay', which allows ICICI bank customers to transfer money via Twitter account. Users can also check account balance, view last three transactions and even recharge prepaid mobile numbers.

Any ICICI Bank savings account customer, who has a mobile number registered with the bank and has a Twitter account, can access the facilities of ‘icicibankpay’. The customer can send money to anyone in India even if the recipient does not have an ICICI Bank savings account.

To register for the service, a customer needs to follow the Bank’s Twitter account, @ICICIBank and send a Direct Message (DM) in the format “#reg<space><registered mobile number with ICICI Bank>”. As a safety measure, the customer will receive a ‘one time password’(OTP) on her registered mobile number, which in turn is required to be sent as a DM from her Twitter account to the Bank’s twitter account in the format
“#regotp<space><OTP>”.

To transfer money, type #Pay<space> @<twitter account of the recipient><space><Amount> . Upon sending the DM on Twitter, the customer will receive a SMS on registered mobile number with a four digit redemption passcode, which will have to be shared with the beneficiary. This passcode is valid for usage within three days of the creation of the request.

The beneficiary will also receive a Tweet from the bank with the link of its website. To receive money, the beneficiary has to click on the link sent by the bank, which will take her to a secured page on ICICI Bank’s website. Here, the beneficiary will be required to verify her Twitter account along with providing name, account number, IFSC code of the account where she wants to receive the money and the four digit passcode received from the sender of the fund.

Learn more about ‘icicibankpay’ by ICICI Bank,  visit www.icicibank.com/twitter “Twitter always has and will continue to encourage innovation on our platform and we congratulate ICICI Bank for their creative use of Twitter in their new banking service. As a company that is focused on consumers, ICICI Bank has made the banking experience more convenient and personal through social media. This initiative with ICICI Bank is testament to the growing importance of Twitter as the best way for Indians to stay connected to their world,” says Arvinder Gujral, Director, Business Development, Asia Pacific, Twitter.

“With the growing prominence of social media in every-day life, we believe our customers would be delighted to have yet another avenue which allows them to bank while they are on social media. In line with this, we introduced the world’s most comprehensive banking facility on Facebook in 2013. Now, ‘icicibankpay’ will help our customers to execute banking transactions while they are socialising on Twitter,” says Mr. Rajiv Sabharwal, Executive Director, ICICI Bank.

The latest development is set to give a huge boost to mobile commerce in India. While Twitter is already explore ways to monetize its services, the new feature may help it become a key player in the booming mobile commerce in India.

Interestingly, Twitter has just taken over ZipDial, a mobile marketing and analytics company targeted at emerging markets. ZipDial gives clients phone numbers for use in marketing campaigns where consumers call the numbers and give a missed call, upon which they receive promotion-related text messages.

Read: Mobile commerce in India: Ready to hit mainstream? and Microsoft, Idea launch integrated operator billing for Windows Phone