ICICI Bank, India’s largest private sector bank, in arrangement with Tech Mahindra Limited, announced the launch of a contactless payment service based on the Near Field Communications (NFC) technology. Christened, ‘Tap n Pay’, this innovative payment service enables anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.
‘Tap n Pay’ is a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. To start with, this solution is being offered at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country.