ICICI Bank Ltd launches new Money2India

Mumbai: ICICI Bank Ltd, ( NYSE: IBN ), 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 popularized many innovative solutions in the banking industry in India. It has always been our endeavor to provide world-class services to our customers. The new Money2India platform is yet another testimony to that effort. We see a 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.

For news and updates, visit www.money2india.com and follow us on Twitter at www.twitter.com/ICICIBank

About Neel Achary 19679 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.