ICICI bank, India’s largest private sector bank has launched a payment service called Tap n Pay in collaboration with Tech Mahindra, enabling the customers to make over-the-counter payments without using any cash. The Tap-n-Pay service is enabled with Near Field Communication (NFC) Technology. This service will greatly benefit merchants, who can merely tap the NFC-enabled mobile phone or a tag on the counter.
The bank has announced that, the service is not for all the people. It is closed only for merchants. It is different from the debit and credit cards. The bank’s report also states that the service is not limited only for ICICI customers. Any person having a bank account can avail the service by using the NFC tag or configure it on the mobile phone.
In order to make payments, the user should bring the NFC tag or the configured mobile phone near a device at the merchant’s facility. After that the amount will automatically get debited from the prepaid account, without entering-in any code.
Tidbits
- ICICI stands for Industrial Credit and Investment Corporation of India.
- The bank is headquartered in Vadodara, Gujarat.
- Recently ICICI Bank won an award in the BFSI Leadership Summit & Awards in the ‘Best Phone Banking for End-users’ category.
- ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Bank of Baroda.
- The current Chairman of ICICI bank is Apurva V Dixit. The current MD and CEO of the bank is Ms Chanda Kochhar.
