Indian private sector lender DCB Bank has entered into a strategic partnership with iKaaz, a mobile payment start-up company, to launch Near Field Communications (NFC) based tap and pay mobile payment service in India.
Under the agreement, iKaaz will launch mobile payment solutions including its flagship NFC-based tap and pay product targeting the merchant ecosystem and other related offerings directly targeting the consumers besides installing readers to help merchants become NFC ready.
The solution will enable a smartphone to send information to another by taping the devices allowing consumers to use the mobile phone as a wallet to make payments and purchases.
iKaaz founder and CEO Soma Sundaram said: "We are very pleased to partner with DCB Bank on this strategic initiative. The partnership will help in actualizing our goal towards simplifying payments.
"This collaboration provides another entry point for fast and convenient means of payment acceptance for merchants and simplifying the payments experience for customers. This further demonstrates our commitment to continuously deliver innovative products and solutions to the market."