Following the partnership, the companies have launched a service dubbed ‘Tap n Pay’ which enables near field communications (NFC) payments for consumers using NFC-enabled tag or mobile phone at the merchant’s point-of-sale (POS) device. ICICI Bank has roped in Tech Mahindra for the contactless payments solution and currently the solution is being provided at campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country.
‘Tap n Pay’ is a prepaid account which can be availed by customers of any bank by registering for it and transferring money online from any bank account. However, ICICI Bank has not specified the limits for the prepaid account but it is worth remembering that the Reserve Bank of India (RBI) has eased the norms for payments made using NFC-based or contactless cards and said that transactions below Rs 2,000 (USD 31) will not need an additional factor of authentication.
ICICI Bank also provides NFC-based debit and credit cards and has over 1,200 electronic data capture (EDC) machines capable of accepting contactless payments. It also remains to see if there is going to be interoperability between the cards and the NFC tags for the payment service.
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