Published on : Apr 20, 2015
One of the leading private sector banks in India, ICICI Bank, has entered into a partnership with Tech Mahindra to roll out the contactless payment service, named 'Tap-n-Pay'.
ICICI Bank stated in an announcement that based on the NFC (Near Field Communications) technology, this payment method enables anyone, irrespective of having an account with ICICI, to make over-the-counter transactions without utilizing cash. It permits consumers to just tap the Near Field Communications enabled tag or the mobile phone at the point-of-sale device of the merchant to make payments.
‘Tap n Pay’ will be prepaid account that can be availed by consumers of any bank having themselves registered for it and transacting money online via any bank account. ICICI Bank consumers can also transact money to the Tap-n-Pay account via an SMS. The bank has initiated to provide these services at huge campuses of various corporate offices. The ICICI Bank and Tech Mahindra are planning to expand this service all over the country, the bank further stated.
This service will provide customers to make swift and protected payments such as purchasing meal coupons at cafeterias with a click on their mobile phone or the Near Field Communications tag. ICICI Bank will permit all the banks to register for ‘Tap-n-Pay’ service with no documentation or visit to the branch. However, once a corporation has registered for the service, its employees require registering online with their personal information to utilize the facility and gather the NFC tags from the kiosk installed for this purpose.