ICICI Bank Launches Service To Transfer Funds Via Twitter

ICICI Bank has launched a new facility for account holders to transfer funds via social network Twitter, apart from being able to recharging their prepaid mobile accounts and checking their bank balance.
ICICI Bank Twitter Fund Transfer
User will have to follow the bank’s Twitter handle (@ICICIBank) and send a DM containing “#reg” to register for the service. Following this customers will receive a OTP on their registered mobile number, which needs to be forwarded to the bank’s Twitter handle in a DM containing “#regotp”.
In order to transfer funds, the beneficiary will need to have a Twitter handle, with the user having to send a DM to ICICI Bank’s Twitter handle in the format “#Pay @xyz”. Doing so will generate a 4-digit redemption passcode which will be sent to the sender via SMS, and will have to be shared with the beneficiary.
The beneficiaries will receive a Tweet from the bank with a link that will direct them onto the ICICI Bank website. Here they’ll be required to authenticate their Twitter handle, account number, IFSC code of the bank account the funds need to be transfered to (in case of using a non-ICICI account) and the four-digit redemption passcode.
Each transaction will be capped at Rs 5,000, with customers being able to transfer funds up to a maximum of Rs 10,000 per day. ICICI Bank will not charge customers for using the service, however the sender will have to pay the fees applicable for making an NEFT or RTGS transaction.
ICICI Bank is the first bank in Asia and the second in the whole of the world to offer fund transfers via Twitter, with France’s Groupe BPCE being the first to offer the service in October last year. The move was prompted by the success of ICICI Bank’s fund transfer service via Facebook last year, which now has over 30,000 users.
In yet another effort to keep up with the rapid growth in the payment tech space, the bank is also working on a mobile digital wallet that works on NFC. There’s also an effort to enable banking services through wearable devices.
In order to recharge their pre-paid mobile accounts, ICICI Bank customers can send a DM to the Bank’s Twitter handle containing “#TopUp<10-digit mobile no.> “. For balance enquiry the code is “#ibal”, for viewing recent transactions the code is “#itran” while the code for receiving help regarding the service the code is “#Help”.

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