New Delhi: NRIs can sending money to their friends and family in India through social media like WhatsApp and e-mail.
The cross-border remittance service, named 'Social Pay' was launched by ICICI Bank in 2018. The sender needs to register on the remittance service application Money2India to transfer money to someone in India.
ICICI bank has highlighted the following steps by which NRIs can send money using 'Social Pay' facility
- Enter the amount you want to send.
- Select “Social Pay” on the Recipient screen, set a passcode and choose other transaction details.
- Share link with your social media contacts via Whatsapp, Gmail etc.
- Share the passcode separately.
- Your recipient can use this link to submit his/her bank details.
- You will receive a notification on Money2India app once your friend submits the account details.
- Select the notification, review and confirm the details to initiate the transaction.
A user needs to generate a secure link, valid only for 24 hours, from the M2I app and share it with the beneficiary on their social media profile or email for adding his/her bank details.
The link carries a four-digit code set by sender and which needs to be shared with the beneficiary to make happen the transaction by verifying the code.