Leading private sector bank, ICICI Bank has launched Money2India (M2I) – its global payments platform in India. It allows NRIs to transfer funds to financial entities located inside India.
The transfer can be done in three easy clicks and is available on both iOS and Android devices. A new user can initiate the transfer with the help of a simple one-time password.
Commenting on the development, Chanda Kochhar, MD & CEO, ICICI Bank Ltd said, “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 three clicks if it (the funds) is frequently transferred. We believe that these developments will offer a seamless user experience for NRIs looking to transfer money to India.”
Keeping in mind the implications of cybersecurity, the platform comes equipped with features such as direct transfers, biometric passwords, and one time passwords have been integrated into the same.
In August 2016, ICICI Bank launched a smart key interface turning in-app mobile transactions into a one-click affair. In March this year, ICICI Bank partnered with Swedish communication company Truecaller, to power a new UPI-based mobile payment service ‘Truecaller Pay’. Earlier today, Inc42 reported that global payments player Amazon Pay is planning to scale up its wallet business in India with the help of Indian government to expand its horizons in the digital payments space.
Other players in the online payments segment include PayPal, Paytm, MobiKwik, and Freecharge etc.