ICICI Bank launches Twitter-based money transfer service

India's private sector lender ICICI Bank has launched a new service named icicibankpay to enable real-time money transfer through Twitter.

The bank has claimed that it is Asia’s first and world’s second bank to provide a Twitter-based money transfer service.

The service will enable ICICI Bank customers to transfer money to anyone in India having a Twitter account.

It will also allow clients to check account balance, view last three transactions as well as recharge prepaid mobile in a secure manner.

The service will be accessible to all ICICI Bank savings account customers having a mobile number registered with the bank and a Twitter account.

The user will have to subscribe ICICI’s twitter handle and register for the facility. To enable money transfer, the sender needs to know the beneficiary’s Twitter handle.

ICICI Bank executive director Rajiv Sabharwal said, “Now, ‘icicibankpay’ will help our customers to execute banking transactions while they are socialising on Twitter. This innovation is in line with our philosophy of ‘khayaal aapka’ wherein we offer products and services which make banking easier and more convenient for our customers.”

Sabharwal also said that the lender is using the NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) for the transfer and it will soon integrate IMPS (Immediate Payment Service) mode as well.

The bank will not charge for the money transfers though the sender will have to pay fees as applicable for a NEFT or RTGS transaction.

Customers can use the Twitter-based fund transfer service to send money to anyone in India even if the recipient does not have an ICICI Bank savings account.