ICICI Bank, Tech Mahindra launch tap and pay service

ICICI Bank, India’s largest private sector bank, has partnered with Tech Mahindra to launch contactless payment service to 'tap and pay'.

Based on the Near Field Communications (NFC) technology, this 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, ICICI Bank said in a statement.

‘Tap n Pay’ is a prepaid account, which can be availed by customers of any bank 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.

The bank has started to offer this solution at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country, the bank further said.

Rajiv Sabharwal, Executive Director, ICICI Bank said, “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..."

This service will offer users to make quick and safe payments like buying meal coupons at canteens with a tap of their mobile phone or the NFC tag.

ICICI Bank will allow any bank to register for ‘Tap-n-Pay’ with no documentation or branch visit.

However, once an organisation has enrolled for the service, its employee needs to register online with their details to use the facility and collect the NFC tag from the kiosk set up for this purpose.

ICICI Bank has been initiating a slew of technology led services to tap the digital banking market.

COMMENT NOW