ICICI Bank has launched a new Facebook app that will enable its customers to transact directly from the social networking site.
Primarily targeted at young customers, the new app 'Pockets' will enable customers of the bank to transfer money, recharge mobile phones and book movie tickets from their Facebook pages.
There will be no additional charge for using the application, the bank said.
The "split and share" app on the platform will allow customers to split and track group expenses and share them with friends on Facebook. The app also gives the customer the option of sending messages to remind friends about pending payments.
For every new transaction, the bank will send a one-time password to the customer. This will ensure safety of the transaction.
"The app will enable young consumers who spend a lot of time on Facebook to carry out a wide set of transactions without having to leave the social media site," said Chanda Kochhar, Managing Director and Chief Executive Officer, ICICI Bank.
Kochhar said one-third of the bank's customers are under the age of 30.
According to a Comscore report, Facebook users in India spend about three-and-a-half hours on the social networking site daily.