ICICI Bank has partnered with Tech Mahindra Limited has launched Tap n Pay, contact-less payment service with Near Field Communications (NFC) technology. This lets anyone make payments without cash using NFC enabled tag or mobile phone at shops. This is even available for those who don’t have an account with ICICI Bank since this uses a prepaid account.
Once you register for the service, you can transfer money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. While making payments, you just need to tap the NFC tag or your phone on the on Point of Sale (POS) machine, enter the PIN and confirm the payment. This is current being rolled out at large campuses of corporate offices and will be expanded across the country.
Recently, ICICI launched icicibankpay that allows users to send money over Twitter. Since ICICI Bank has multi-channel delivery network, largest among private sector banks in the country, the new Tap n Pay payment service will reach several customers.
Commenting on the launch Rajiv Sabharwal, Executive Director, ICICI Bank said:
ICICI Bank has always been at the forefront of introducing innovative technology for a world class customer experience. 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. 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. 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.
C P Gurnani, MD & CEO, Tech Mahindra said:
As a technology company, we always endeavor to provide superior user experience to the end customer of our business partners. ICICI Bank is known for its continuous innovation to bring in enhanced customer experience. As such, the synergies between the two partners will bring about a new payments ecosystem, parallel to, and yet in harmony with, the existing payment networks in the country and further the move towards a digital India.