Indian multinational banking and financial services company ICICI has collaborated with Tech Mahindra Limited to launch Tap n Pay.
Before that, users have to register for he service and can transfer money online from any bank account. While making payments, you just need to tap the NFC tag or your phone on the on Point of Sale (POS) machine, enter the PIN and confirm the payment.
Commenting on the launch Rajiv Sabharwal, Executive Director, ICICI Bank said, "ICICI Bank has always been at the forefront of introducing innovative technology for a world class customer experience. We are delighted to partner with Tech Mahindra to enable a contactless payment service in the country."
He further, "This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses. We believe that this service will offer users an unparalleled experience of making quick and safe payments like buying meal coupons at canteens with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for ‘Tap-n-Pay' with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too."
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C P Gurnani, MD & CEO, Tech Mahindra said, "As a technology company, we always endeavor to provide superior user experience to the end customer of our business partners. ICICI Bank is known for its continuous innovation to bring in enhanced customer experience. As such, the synergies between the two partners will bring about a new payments ecosystem, parallel to, and yet in harmony with, the existing payment networks in the country and further the move towards a digital India."