- Non-Resident Indians (NRIs) can now transfer money to India in just 3 clicks
- First Indian bank to integrate international money transfer facility with its Internet banking platform
- NRIs can pay for services directly to over 100 entities in India
MUMBAI, May 29, 2017 /CNW/ - ICICI Bank Ltd, India's largest private sector bank by consolidated assets, announced the launch of a new website and mobile application for Money2India (M2I), the bank's flagship online money transfer service for NRIs. The new website as well as the mobile app comprises a host of features which enhance customer experience.
The website and the mobile app have an intuitive design that guides users to complete money transfer quickly. NRIs can now enjoy the convenience of a simplified transaction flow to transfer money to India in 3 simple clicks for their frequent transactions*. It provides an option of biometric authentication for logging into the mobile app as well as view the status of the transaction.
They can also make quick payments for services in India to over 100 entities from the M2I website. They can do so for services including telephone bills, insurance premiums, and prepaid mobile recharge among others. The new responsive design also offers a coherent experience across multiple devices like desktops, mobiles and tablets. Frequent users of Money2India will be enabled for instant money transfer credit to their recipients in India.
As an industry first, the bank has integrated its M2I website with its Internet banking platform. With this, NRIs can now access their bank accounts, transaction details as well as undertake remittances from a single Internet banking platform. This gives improved convenience to NRI customers as they are not required to separately login and authenticate themselves to access the M2I website.
Ms. Chanda Kochhar, MD & CEO, ICICI Bank Ltd said, "ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. It has always been our endeavour to provide world-class services to our customers. The new Money2India platform is yet another testimony to that effort. We see large number of our customers today transacting through our digital channels. The Money2India website and mobile app have been significantly enhanced to provide ease of sending money to India. It allows registered NRI customers to transfer money to India in just 3 clicks if it is frequently transferred. They also have an option to pay over 100 entities in India from the M2I website. We believe that these developments will offer a seamless user experience for NRIs looking to transfer money to India."
NRIs, who are customers of any bank globally, can use the M2I website and mobile app to transfer money to any bank in India. New users can initiate a money transfer instantly with the help of a simple one-time registration. The simple transaction flow makes it easy even for a first time user to transact.
Some of the key highlights of the website and application are:
- Transfers in 3 easy clicks: The interface displays the frequent transactions upfront to customer to enable a transfer in just 3 clicks.
- Biometric Login: The mobile app, which is available on Android and iOS, can also be accessed through biometric authentication in addition to the login ID & password.
- Direct payments to over 100 entities in India: A first-of-its-kind service by any bank in India. Apart from money transfers, the Money2India website now offers the option to pay bills and other expenses directly to over 100 entities. This includes payments like utility, telephone, insurance, and prepaid mobile recharge among others.
- Receipt summary and status updates: On completion of the transfer, a summary is displayed with the details of the transaction including currency exchange rate, promotion discounts if any and the likely receipt date of the transfer to the beneficiary. It also has an interesting 'track your transfer' feature which enables customers to check the status of their transfer in real time.
ICICI Bank Ltd is a pioneer and the largest player/bank in the remittances market in the country. Its 'Money2India' platform has been facilitating remittances into the country since the last 15 years, catering to over 1.5 million NRIs worldwide. In 2015, it also launched 'Money2World' India's first fully online service to transfer money from any bank in India to any bank overseas. The Bank also has a wide array of arrangement with a host of correspondent banks across the globe to enable quick and easy trans-border money transfers.
About ICICI Bank:
ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank by consolidated assets. The Bank's consolidated total assets stood at US$152.0 billion at March 31, 2017. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management, securities brokerage and primary dealership companies, and among the country's largest private equity firms. It is present across 17 countries, including India.
ICICI Bank Limited ("ICICI Bank") is incorporated in India and regulated by the Reserve Bank of India ("RBI") and maintains its corporate office in Mumbai, India. The products and services provided by ICICI Bank are subject to product/service specific terms & conditions. Please familiarize yourself with the terms and conditions applicable, available at http://www.icicibank.com and http://www.money2india.com. The products and services are also subject to RBI rules/regulations, prevailing foreign exchange regulations & other applicable Laws. ICICI Bank reserves the right to modify/change all or any of the terms and conditions governing the products and services. ICICI Bank also reserves the right to discontinue the products and services without assigning any reasons whatsoever. Any references to timelines or service levels are only indicative and should not be construed to refer to any commitment by us or any other service provider.
The information contained in this document is not intended to nor should it be construed to represent that ICICI Bank provides any products or services in any jurisdiction where it is not licensed or registered or authorised to do so. The information provided herein is not intended nor should it be construed to represent that ICICI Bank is soliciting. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank.
Canada: The overseas products and services are not the products and services of ICICI Bank Canada. The products and services are not eligible for or covered by deposit insurance of the Canada Deposit Insurance Corporation ("CDIC").
SOURCE ICICI Bank