ICICI launches NFC-enabled payment service ‘Tap-n-Pay’

 

ICICI Bank in collaboration with Tech Mahindra launched a payment service ‘Tap-n-Pay’ based on the near-field communications (NFC) technology, enabling customers make over-the-counter payments without using cash.

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.

Any person having any bank account, and not limited to ICICI customers, can avail the service

For making payments, the user will have to bring the NFC tag or the mobile phone near a device at the merchant’s facility and the amount will automatically get debited from the prepaid account, without keying-in any code