Mumbai, Apr 20: Private sector ICICI 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.
Commenting on the launch Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing innovative technology for a world class customer experience. We are delighted to partner with Tech Mahindra to enable a contactless payment service in the country for low value transactions. This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses. We believe that this service will offer users an unparalleled experience of making quick and safe payments like buying meal coupons at canteens with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for ‘Tap-n-Pay’ with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too.”
C P Gurnani, MD & CEO, Tech Mahindra said, “As a technology company, we always endeavor to provide superior user experience to the end customer of our business partners. ICICI Bank is known for its continuous innovation to bring in enhanced customer experience. As such, the synergies between the two partners will bring about a new payments ecosystem, parallel to, and yet in harmony with, the existing payment networks in the country and further the move towards a digital India.”