NRIs can send money through social media: Here is how
Did you know that Non-Resident Indians (NRIs) can transfer money using social media platforms like WhatsApp and even by email? A service allows NRIs to send money to a beneficiary in India through this system.
Did you know that Non-Resident Indians (NRIs) can transfer money using social media platforms like WhatsApp and even by email? Private sector lender ICICI Bank had announced a service that allows NRIs to send money to a beneficiary in India using this system.
Called ‘Social Pay’, the service is avilable on Money2India (M2I), ICICI Bank’s app. The facility enables NRIs to send money to their friends and family, to whom they occasionally remit money.
The customers simply need to generate a secure link from the M2I app and share it with the beneficiary on their social media profile or email for adding the bank details. This link is valid for 24 hours and is secured with a four-digit code set by the sender. The code has to be shared with the beneficiary which then validates the passcode before adding the bank details.
The M2I user then re-verifies and confirms the payment details on the app to complete the transaction in a safe and secure manner. The transaction is carried out using the bank’s secured channels to ensure safety and privacy of information.
How to use ‘Social Pay’ from Money2India App:
Log into the M2I app
Enter the amount and select ‘Social Pay’
Set a four-digit passcode and choose bank account, purpose of remittance.
A link will be generated which can be shared through the desired social channel. Share the passcode separately with the beneficiary
The beneficiary needs to update their bank account details via a secured link which the M2I user generates.
They need to click on the transaction link and enter the four-digit passcode shared by the sender and then enter bank account details.
The sender gets a notification of the same on the app.
They then verify and validates the bank account details of the recipient on the app and confirms the same.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:48 PM IST