Largest private sector lender ICICI Bank in association with Tech Mahindra rolled out a new payment service ‘Tap-n-Pay’ based on the near-field communications (NFC) know-how, letting clientele make over-the-counter defrayals without making use of cash payment.
It can be utilized for merchant defrayals by tapping a near-field communications facilitated cellular phone or a tag on an active merchant’s counter.
The novel service is a closed-end one, only for a close group of clients, like canteen disbursements at the place of work, and not widespread like a he facility offered by debit and credit card, the banking institution satted in a declaration, adding the merchant will have to first register for the service and then enroll customers for using it.
The account, named ‘Tap-n-Pay’, has been rolled out together with Tech Mahindra, will aid lessen reliance on cash.
Any individual having any bank account, and not limited to ICICI clientele, can gain the service, the report stated, adding a customer will have to gain the NFC tag or set up it on the smartphone.
For defrayals, the customer will have to carry the NFC mark or the cellular phone near a gadget at the merchant’s office or place and the sum will automatically get accounted from the concerned account, without filling any pin.
The bank’s supervisory director Rajeev Sabharwal stated a client doesn’t have to carry out any certification or check out a branch to get them register for the said service.
“The ties between the two associates (ICICI Bank and Tech Mahindra) will lead to a novel payments network, parallel to, and yet in agreement with, the subsisting payment systems in the nation,” Tech Mahindra MD and chief executive CP Gurnani stated.