ICICI Bank launches Tap-n-Pay, the counter payments without using cash [ Current Affairs ]

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India’s largest private sector lender ICICI (Industrial Credit and Investment Corporation of India) Bank has launched a payment service Tap-n-Pay. This service was launched to help by bank in collaboration with Tech Mahindra. Tap-n-Pay service based on the near-field communications (NFC) technology which will enable its customers make over-the-counter payments without using cash.

  • Tap n Pay NFC technology will allow users to tap NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments.
  • It is a prepaid account which will be available to 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 service bank has offered it at large campuses of corporate offices.
  • Chanda Kochhar, MD and CEO of ICICI Bank and Tech Mahindra CEO also are planning to extend this service across the country.

- Published on: April 23, 2015