ICICI Bank launched payment service Tap-n-Pay

Industrial Credit and Investment Corporation of India (ICICI) Bank on 21 April 2015 launched Tap-n-Pay, a near-field communications-enabled payment service. The service was launched in collaboration with Tech Mahindra.

To start with this service, bank has offered it at large campuses of corporate offices. ICICI Bank and Tech Mahindra also are planning to extend this service across the country.

Highlights of Tap-n-Pay Service

• This payment service is based on the near-field communications (NFC) technology which will enable its customers to make over-the-counter payments without using cash.
• It 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.