ICICI Bank has launched a new facility which allows its customers to transfer money via Twitter. Customers can use their Twitter accounts to make payments, get prepaid mobile recharges and to check their bank balances.
All that a user has to do is to subscribe or follow the bank’s Twitter handle and register for the facility, as reported by The Times of India.
The bank is using NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) modes for the money transfers, and will soon be enabling the IMPS (Immediate Payment Service) mode too. The bank will not charge for such money transfers. However, the sender will have to pay the fees for using NEFT or RTGS transaction service. Customers can send upto INR 5000 with a limit of INR 10000 per day.
To register for the facility, the customer will have to send a message to the bank’s Twitter handle with the hashtag ‘#reg’ . Following that, the the customer will receive a one time password (OTP) on their registered mobile number. Their second step will be to send the OTP as a message from their Twitter account in the form with the hashtag ‘#regotp’.
To transfer money, the registered sender should know beneficiary’s Twitter handle and in the format “#pay@” they can make the payments. The sender will get a unique four digit redemption passcode on their registered mobile number. The beneficiary will have to enter this redemption code (within three days of the creation of the request) on the special webpage where he/she will be directed so as to complete the transaction.