wordpress blog stats
Connect with us

Hi, what are you looking for?

ICICI Bank to introduce digital wallet this year for NFC-enabled mobile phones

India’s largest private sector bank ICICI Bank will be launching its digital wallet this year, the bank’s executive director Rajiv Sabharwal said in a press meet earlier this week. The digital wallet will be working on near-field communications (NFC)  technology and enable payments over mobile devices which have the same.


Note that earlier this month, ICICI Bank launched its NFC-enabled cards in three cities and so far the bank has introduced over 1200 Electronic Data Capture (EDC) machines capable of accepting contactless payments. Sabharwal commented that the next phase will be to get NFC on mobile for payments and that cards as a payments system will still exist.

He also added that the new NFC readers will be able to process payments from both mobile and from NFC cards from other banks. ” That’s how the ecosystem will have to work. Even if any of my competitor launches an NFC card, they will have to ensure their POS machines will accept all other cards. Similarly I will have to also,” Sabharwal said.

Currently, customers have to enter a PIN when they use ICICI Bank’s NFC cards in accordance to the Reserve Bank of India’s guidelines for card payments, but a digital wallet could remove the requirement for entering a pin and hence process payments faster. The RBI on its part said that it will be introducing guidelines for single factor authentications for small ticket payments.

Advertisement. Scroll to continue reading.

Other banks’ NFC payments plans

Rival HDFC Bank too said that it will launch a digital wallet as it sees a shift in e-commerce from desktops to mobiles. It is also interesting to note that HDFC Bank recently beat ICICI Bank to the top position in mobile banking transactions. At the end of October, HDFC Bank logged in mobile banking transactions worth Rs 3,450 crore, while ICICI Bank logged in Rs 1,416 crore.

State Bank of India, the country’s largest bank, had also sought permission from RBI to introduce NFC enabled cards which will allow customers to carry out transactions of up to Rs 2000 without entering the ATM pin number at point-of-sale (PoS) terminals.

Earlier in December, DCB Bank partnered with iKaaz to offer ‘tap and pay’ NFC payment solutions in India. iKaaz will launch mobile payment solutions including its flagship Near Field Communications (NFC) based Tap & Pay product targeting the merchant ecosystem and other related offerings directly targeting the consumers. Besides enabling buyers iKaaz is also getting merchants NFC ready by installing readers that will help them receive money into their bank account.

Banking on wearables?

Speaking on the bank’s digital strategy for this year, Sabharwal said that the lender will be looking to develop banking products on wearables. We don’t know how this would work and whether it will be limited only to non-financial transactions, but it would be interesting to see how it pans out.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ