ICICI launches NFC Based contactless payments
ICICI Bank today announced launch of new innovative NFC (Near Field Communication) based contactless payment system in partnership with Tech Mahindra. Called “Tap n Pay”, it allows users to make over-the-counter payments without using any cash or card. The users have to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.
It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter. The service is a close-end one, only for a close group of customers, like canteen payments at the work place, and not universal like a debit or credit card, the banks said in a statement, adding the merchant will have to first register for the service and then enroll customers for using it.
The account, christened ‘Tap-n-Pay’, has been launched in association with Tech Mahindra, will help reduce dependence on cash.
How Does Tap n Pay Work?
‘Tap n Pay’ is essentially a prepaid account, which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. ICICI Bank customers can also transfer money to the Tap-n-Pay account through an SMS. To start with, this solution is being offered at large campuses of corporate offices. However, ICICI Bank and Tech Mahindra have plans to extend this service across the country.
However, customers will need to have a Mobile Money account. Once you have the account, you can fund it through various means including netbanking or debit/credit cards. After you have recharged your Mobile Money account (minimum of Rs. 100), you can go to the nearest Mobile Money counter and get your tag issued. In order to issue the tag, you have to enter your registered mobile number and MPIN in the POS (Point of Sale) machine.
You can then start making payments by tapping your NFC tag or then your NFC supported smartphone. You can get all details of your transactions and statements through Mobile Money website.