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ICICI Bank launches NFC payments service with Tech Mahindra

India's largest private sector lender ICICI Bank has launched a new service called 'Tap n Pay' which enables near field communications (NFC) payments for users using NFC enabled tag or mobile phone at the merchant’s point-of-sale device. ICICI Bank has roped in IT major Tech Mahindra for the contactless payments solution and currently the solution is being offered at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country. ‘Tap n Pay’ is a prepaid account which can be availed by customers of any bank by simply registering for it and transferring money online from any bank account. However, ICICI Bank has not specified the limits for the prepaid account but it is worth remembering that the Reserve Bank of India (RBI) has eased the norms for payments made using NFC-based or contactless cards and said that transactions below Rs 2,000 will not need a additional factor of authentication. We have reached out to the bank for details on the limits and we'll update once we hear from them. ICICI Bank also offers NFC-based debit and credit cards and has over 1,200 Electronic Data Capture (EDC) machines capable of accepting contactless payments. It also remains to see if there is going to be interoperability between the cards and the NFC tags for the payment service. How it works - Once an organization has enrolled for the service, its employee only needs to register online here with their details to avail the facility and collect the NFC…

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