ICICI Bank has tapped Tech Mahindra to launch contactless payment service — Tap n Pay — based on the Near Field Communications (NFC) technology.
The payment service enables both ICICI Bank and non-ICICI Bank account holders to make over-the-counter payments without using cash. They need to 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 can be availed by 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. ICICI Bank will offer this solution at large campuses of corporate offices.
“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,” said Rajiv Sabharwal, executive director, ICICI Bank.