This Indian Bank has Come Up with Twitter based Money Transfer Service

India’s ICICI Bank has introduced a new payments process that lets customers transfer money via Twitter. To send money to a Twitter user, registered customers have to direct message Icici with #Pay hashtag, recipient’s Twitter handle and the amount to be paid. The sender will receive a four digit redemption code, on registered mobile number, to be shared with the recipient. The recipient gets a Tweet from the bank with a link to a webpage. On the webpage, the user is required to enter the redemption code along with Twitter handle, name, account number and the IFSC code in order to finally receive the amount.

ICICI had also launched a similar, multi-step money transfer process via Facebook back in 2013. The new icicibankpay Twitter service allows customers to tweet the bank to request for account balances, recent transactions and recharge of prepaid mobile phone account. 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.

This launch comes close on the heels of a slew of technology-led innovative services introduced by the Bank, including new apps for Mobile Banking, fully automated and available round-the-clock ’Touch Banking’ branches, Tab Banking, banking services on Facebook, a website that offers a seamless experience across devices such as desktops, mobiles and tablets, iMobile for Windows phones, an upgraded internet banking platform that provides customized and personalized views, and the country’s first contactless debit and credit cards.

Rajiv Sabharwal, Executive Director, ICICI Bank said: ICICI Bank has always been a pioneer in using path-breaking and innovative technology to reach out to its customers. It has been our endeavor to anticipate our customers’ needs and be where our customers are. 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. Now, ‘icicibankpay’ will help our customers to execute banking transactions while they are socializing on Twitter. This innovation is in line with our philosophy of a program wherein we offer products and services which make banking easier and more convenient for our customers.

Arvinder Gujral, Director, Business Development, Asia Pacific, Twitter said: 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.

The Bank services its large customer base through a multi-channel delivery network of 3,815 branches – the largest branch network among private sector banks in the country, 11,739 ATMs, call center, internet banking , mobile banking and social media banking.