ICICI Money Transfer API
ICICI Bank is India’s largest private sector bank and more than 1 crore accounts have been opened through the BC model.
facility through BC Model is provided in two ways:
- Card based : A unique card (like debit/credit card) is provided to access your accounts and to make transactions
- Mobile based : Your existing mobile phone helps you open an account and make transactions Financial Inclusion is the process of providing suitable financial products and services to the unbanked and under-banked segment. The products and services are provided at an affordable cost in a fair and transparent manner by mainstream institutional players. ICICI Bank offers credit facility to clients sourced by Business Correspondent Partners.
ICICI Money Transfer Service (BC)
PayRupees in conjunction with ICICI Bank announced ‘ICICI Money Transfer Service’ which is currently live.
PayRupees is working with ICICI Bank to enhance its base of Money Transfer Agents. The retailers who sign up for this service become ICICI Bank Business Correspondent Agents after ICICI’s approval. These retailers would be permitted to make Electronic Fund Transfer/Money Transfers on behalf of customers enabling them to do remittance to any bank using IFS code and Bank account number.
To transfer funds to the beneficiary’s account number, customer will have to deposit cash with the authorized ICICI Business correspondent Agent. The ICICI Business correspondent Agent would initiate and complete the money transfer from his end. The customer would then receive a text message on his registered mobile number confirming the transaction details along with its transaction ID, amount transferred etc. How is fund transferred through this process? As soon as the agent initiates the transaction process, the system checks if the beneficiary’s bank is enlisted in the list of IMPS enabled banks. The Customer will receive an instant confirmation of the transaction on his registered mobile number. In case IMPS transfer is not possible, the system will send a request for NEFT transfer and the customer will receive a confirmation message depending on the NEFT cycle. How much money can a Customer transfer?
You can provide the following services to your customers using PayRupees ICICI Money Transfer:
- Limit of Fund Transfer per transaction Rs. 5000
- Limit of Fund Transfer per month Rs. 50000
- Minimum Transaction Amount Rs. 100
What is the Refund Process in case of a failed transaction?
