ICICI Bank, an Indian private sector bank, has partnered with Tech Mahindra to launch a contactless banking service named ‘Tap n Pay’.
The new service, primarily a payment solution, will be based on Near Field Communications (NFC) technology and will enable ICICI Bank account holders or anyone not having an account with bank to make over-the-counter payments without using cash.
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Tap n Pay, a prepaid account, will be available to customers of any bank on registration followed by transferring money to it online from any bank account.
Additionally, ICICI Bank customers will be able to transfer money to the Tap-n-Pay account through SMS.
ICICI Bank executive director Rajiv Sabharwal said: "We are delighted to partner with Tech Mahindra to enable a contactless payment service in the country. 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.
"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."
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By GlobalData
