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ICICI Bank offers its customers money transfer via Twitter service

ICICI Bank customers can now use their Twitter account for
real-time fund transfers, prepaid mobile recharges and to check bank balance.

ICICI Bank customers can now use their Twitter account for
real-time fund transfers, prepaid mobile recharges and to check bank balance.

Private sector lender ICICI Bank has launched a facility
which allows account-holders to transfer funds through Twitter. The bank will
not charge for such fund transfers but the sender will have to pay the fees as
applicable for a NEFT or RTGS transaction, reports the Times of India.

The user will have to follow the bank’s official Twitter
handle and register for the facility. For fund transfer, the sender needs to
know the beneficiary’s Twitter handle. The sender will get an SMS with a unique
code after the transfer; the beneficiary would need to enter it on the special
webpage where he/she would be directed, to complete the transaction.

“This complies with all the regulatory requirements of
two-factor authentication,” Executive Director ICICI Bank
Rajiv Sabharwal
told the Times of India.

The bank is using the national electronic funds transfer (NEFT)
or real time gross settlement (RTGS) for the transfer and will soon be
integrating IMPS (Immediate Payment Service) mode too, Sabharwal added.

Beneficiaries who have account with another bank will have
to put in that bank’s IFSC code to receive the payment, Sabharwal noted.

ICICI Bank claimed it is the first in Asia and only second
in the world to offer a Twitter-based fund transfer service. A year ago it
launched facility to transfer funds through the Facebook, and according to
Sabharwal, it has now 30,000 active Facebook users.

Claiming that the bank serves the highest number of youth in
the country, he said it launched the new service in view of the demographic. It
has 2.8 million registered mobile banking users and 15 million internet banking
users, he said, adding that a team of 100 people is working on digital banking
within the bank.

ICICI Bank is also working on a mobile digital wallet which
will work on near-field communication technology, just like its rival HDFC
Bank, he said, adding it will be launched this year itself. It is also working
on banking services through wearable devices, the kind of which are a rage with
fitness enthusiasts.

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