Banks To Transfer Cash Via Twitter Soon

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Transfer Cash Via Twitter

Years ago, people had to personally visit their local bank to transfer cash. The dawn of the internet made things easier by allowing people to send their money via online banking and other means. But sending cash transfer may soon be as easy as your daily routine of sending tweets on your mobile device.

Just recently after Apple Pay was made available in the U.K., High street banks in the country are now planning to allow people to?transfer cash?via Twitter?by tweeting the bank, a report said. This will be as easy as tweeting the bank with the account holder?s username and the amount to be transferred.

?Twitter banking is not only coming it already exists,? said Deloitte security consultant Nicholls in a conference in London last week.

ICICI Bank, a multinational bank based in India and also has a U.K. firm, was already using the Twitter bank cash transfer service since June 2015. ICICI Bank users only need to know the beneficiary?s Twitter handle. The bank is using the National Electronic Funds Transfer (NEFT) and will soon integrate Immediate Payment Service (IMPS) mode. Users will be able to use the service for free, but will have to pay for the NEFT transaction.

ICICI Bank claimed to be the first in Asia, and second in the world, to offer?cash transfer via Twitter.

In 2013, banks have warmed up to the idea of using mobile devices when both proved to be capable for corporate announcements like earnings. Netflix Inc. This was tested years ago when Chief Executive Officer Reed Hastings posted the company?s monthly viewers on the FB page rather than in the SEC filing. Companies in 2013 then said big announcements could be made on social media as long as they were first advised to look there.

Executive Director ICICI Bank Rajiv Sabharwal said they are moving with the trend and sees the new service as the key for their company especially with the wide use of social media and mobile devices.

While the introduction of new technology might be of convenience to users, the dangers however may be big as hackers may easily nab your money as easy as sending a Tweet.

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