How money transfer through social media works!

By BankBazaar | January 28, 2015
Social Media Banking!

Social Media Banking!

Yes, you heard that correct. Now, you can readily use your Social Media account like Facebook and Twitter, to receive and transfer funds to your friends, family and acquaintances. This latest development came in 2014, thanks to banks like Kotak Mahindra and ICICI.

The fund transfer has always been a matter handled either manually or through net banking. You needed to either write a check or use NEFT to transfer funds. Now all you need is a Facebook or a Twitter account, which most people do.

How to make the transfer with Facebook?

The apps launched by the banks allow you to carry on a number banking services, including funds transfer. Some would argue that isn’t it much like the net banking? No, far from it. During transferring the money through net banking or cheque book, you need the bank account number, IFSC details and what not. But when you choose to use the Facebook funds transfer apps, all you have to do is click on the contact in your friends list.

Kaypay App by Kotak Mahindra

Here are the easy steps to transmit the funds using the Facebook accounts of sender and receiver.

ü  Log in to your Facebook account.

ü  Go to the Games under the Apps section.

ü  Type “Kaypay app” in the search bar, this will take you to Kaypay.com or you can directly go to the web address.

ü  Now fill in the details in respective boxes; bank account number, MMID or Mobile Money Identifier number, email address and mobile number.

MMID is a 7 digit code which will be given to you by your bank if you have registered for Mobile Banking. . If you are transferring funds through Kaypay, you cannot send more than INR 2500 in a day and INR 25000 in a month.

After registering, you will receive an OTP (one time password) which shall be entered to validate the transaction. If the receiver is not registered on Kaypay, a Facebook notification will be sent to his account automatically.

These steps are necessary to set up the account to enable the funds transfer. The thing to remember is this app is launched by Kotak Mahindra bank, though you need not be an account holder with Kotak Mahindra in order to use this.

Pockets by ICICI

While the Kaypay can be used by anybody, Pockets can be used only by ICICI account holders. If to have a savings or recurring deposit account with ICICI, you can enjoy numerous banking services.

ü  Split ‘n’ Share, this facility enables you to split the expenses done by a group and track the payment. It also sends messages to friends to remind them of the awaiting payments.

ü  You can recharge your mobile balance and also book movie tickets using Pockets.

ü  Moreover, you can use Pockets to check your bank account details, mini statement, view credit card details and pay friends.

Who can use these apps?

Anybody having a bank account in any of the 28 banks listed by IMPS can use Kaypay. But ‘Pockets’ is only available for the ICICI account holders, as of yet. You can either use the Kaypay app by Kotak Mahindra or Pockets app by ICICI bank, both accomplish the same purpose. Other major players in the Indian banking industry are also planning to make a move in the near future.

How to transfer funds via Twitter?

The popular tweeting social media has also started allowing the users to send and receive money. Currently, there are not many apps offering it except the newly launched Oxigen Wallet and Twitter transfer facility by ICICI bank.

Oxigen Wallet is an e-wallet, just like your pocket wallet, to store money. Launched by the Oxigen Services India, it has been a shared idea by Fastacash. All the Twitter, Facebook, WatsApp and Google+ users are now able to transfer cash by registering in a Oxigen Wallet. Here is what a user has to do.

ü  Register online on www.oxigenwallet.com or download an Android, iOS or Windows version.

ü  Transfer the money into wallet through credit/debit card, IMPS transfer or nearby Oxigen outlet.

ü  To receive the money, sender and receiver both must have an Oxigen Wallet.

ü  The Wallet can keep INR 10,000 in it at anytime, but the limit could be upgraded to INR 50,000 by providing customer documents.

Apart from this, the account holders of ICICI bank can also register themselves at the online Twitter Transfer facility to send and receive money via Twitter.

 

The Pros and Cons

The greatest advantage is you need not scratch up the bank account number of receiver while sending the money to him. As we have already discussed, there are a lot details which were essential till now like IFSC code, bank account number, account name, etc. But thanks to the technology, all you have to do now is click on the name in your friend list and transfer is done. As easy as that.

Talking about the cons, there are not many. Well, except for the hacking miscreants who might make it a new challenge to crack. As of now, banks have ensured the customers that the system is well protected by the experts of the industry and is absolutely safe to use.

 

 

 

 

 

 

 

 

 

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