NFC-Based Contactless Mobile Payment Solution “Touch & Pay” Launched by ICIC Bank [ Current Affairs ]

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New contactless mobile payment solution Touch & Pay based on Near Field Communication (NFC) technology has been launched by India’s largest private sector ICICI Bank. This solution will allow credit and debit of bank of customers to make in-store contactless payments by undulate their smartphones near an NFC-enabled merchant terminal.

  • ICICI Bank has becomes India’s first financial institution to leverage the Host Card Emulation technique that generates virtual cards for corporal debit or credit cards of the bank.
  • On each payment using this service at a merchant store, one-use unique token will be generated by the server of Bank this will be sent via encryption to the merchant in order to ensure security of the card details.
  • At the end of March 2016 Touch & Pay facility will be available at more than 60000 merchants across the country.
  • It will be also combined into the present Pockets application of the bank.

About Near Field Communication (NFC) technology:

  • It is a short-range high frequency wireless communication technology.
  • It is essentially a set of protocols that allow two electronic devices to establish radio data communication with each other by carrying them nearer typically, 10 cm (4 inches) from each other.

- Published on: March 17, 2016