ICICI Bank Introduces Contactless Payments at Large Corporate Campuses (April 21, 2015)
India’s largest private bank is exploring contactless payments in a limited rollout to corporate campuses that enables employees to use a mobile prepaid account to make NFC payments at corporate canteens and shops. Available to customers of any bank whose employer is participating in the pilot, the “Tap n Pay” service was developed with partner Tech Mahindra. ICICI Bank expects to expand the service more broadly if it’s successful.
Prospective users may register for a Tap n Pay account by providing their mobile phone numbers, bank accounts, dates of birth, employee identification numbers and email addresses. Once an account is approved, users receive a PIN necessary for all account functions. Users may transfer funds to the account from any bank account; ICICI Bank customers also have the option to transfer funds to the Tap n Pay account via a text message, ICICI Bank said. Users of the service with NFC-enabled phones may tap to pay at contactless-enabled POS locations at participating corporate centers, or they may request an NFC sticker, according to ICICI Bank.
ICICI’s move marks one of the first major recent pushes for NFC-based payments development in the nation. The Reserve Bank of India last month published a new draft of guidelines for contactless payments of up to 2,000 rupees (US$32) in response to growing demand for tap-to-pay services.
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