The ICICI Bank application on Face Book that facilitates money transfers to “Friends” is reported to have the following functionality. The application is called “Pockets”
-Split & Share that allows customers to split and track expenses and share them with friends on Facebook. It also allows one to send reminder on pending payments. This is a very interesting feature as it’s usually cumbersome to keep a track of expenses when you’re out with friends.
– The app also allows one to make a payment to friend, recharge prepaid mobile, book movie tickets. Another interesting feature is one does not need to know bank account details of their friends to make a transfer, users can create a coupon which can be redeemed by their friends.
– One can also carry out non-financial transactions such as accessing a mini statement of savings bank account, getting demat holding statements, open fixed or recurring deposit, order a cheque book, stop a cheque payment, upgrade debit card, among others.
A security review of the product is due.