India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank has launched a payment service Tap-n-Pay. It was launched by bank in collaboration with Tech Mahindra.
This payment service is based on the near-field communications (NFC) technology which will enable its customers make over-the-counter payments without using cash.
Key features of Tap n Pay
- NFC technology will allow users to tap NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.
- It is a prepaid account which will be available to 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 service bank has offered it at large campuses of corporate offices.
ICICI Bank and Tech Mahindra also are planning to extend this service across the country.