India’s ICICI Bank has launched a near field communication (NFC)-based contactless payment system in partnership with Tech Mahindra.
Called ‘Tap ‘n Pay’, it allows users to make over-the-counter payments without using cash or a card. Instead, they tap the NFC-enabled tag or mobile phone at the merchant’s point-of-sale (PoS) device to make payments.
The ‘Tap n Pay’ platform is being made available to all consumers, not only those with an ICICI Bank account.
“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,” said Rajiv Sabharwal, executive director, ICICI Bank. “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.”
The service is the first to be launched in India after the Reserve Bank of India (RBI) removed the requirement of additional factor authentication (2FA), although payments are restricted to a maximum of 2,000 rupees (INR), equivalent to US$32 or €30.
The launch of the Tap n Pay system follows ICICI Bank’s introduction of the Paywave NFC debit and credit cards for contactless payments earlier this year.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.