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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.…

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