ICICI Bank has entered into a partnership with Tech Mahindra to launch contactless payment service to 'tap and pay'. Based on the Near Field Communications (NFC) technology, this payment service allows anyone (account holder of ICICI Bank or not) to make over-the-counter payments without using cash. It allows users to just tap the NFC enabled tag or mobile phone at the merchant’s point-of-sale device to make payments. ‘Tap n Pay’ is a prepaid account, which can be availed by customers of any bank by registering for it and transferring money online from any bank account.
ICICI Bank is India’s largest private sector bank with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.
