A step up from mobile banking, social media money transfer services enable banks like ICICI in India to offer their customers the ability to pay by tweet. The bank's new tweet to pay feature allows you to send money to your friends using your Twitter handle. A first, icicibankpay lets you transfer funds through your Twitter account. All you have to do is follow ICICI Bank on Twitter and send DMs (Direct Messages) for the on-the-go transactions.
The social media money transfer demonstrates the desire for extremely convenient banking, especially among young people who are spending a lot of time on social media anyway. It also presents an interesting opportunity for brands and retailers on the platform.