ICICI Bank customers can use Twitter for money transfers

The user will have to subscribe (follow) the banks Twitter handle and register for the solution.

For fund transfer, the sender needs to know the beneficiarys Twitter handle. The sender will get an SMS with a unique code after the transfer; the beneficiary would need to enter it on the special webpage where he/she would be directed, to complete the transaction.

The bank is using the NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) for the transfer and will soon be integrating IMPS (Immediate Payment Service) mode too.

The bank will not charge for such fund transfers but the sender will have to pay the fees as applicable for a NEFT or RTGS transaction.

Beneficiaries who have account with another bank will have to put in that banks IFSC code to receive the payment.

In recent news, ICICI Bank has launched a contactless debit and credit cards that use the near-field communication technology.