“Tap-n-Pay” Service from ICICI Bank and Tech Mahindra

ICICI Bank, one of the largest private sector banks in India, has partnered with Tech Mahindra to launch “Tap-n-Pay”, a payment service. This service will allow customers to make payments without using cash, thus reducing dependence on cash.

Essentially, ‘Tap n Pay’ is a prepaid account to which customers can transfer money online from their bank accounts. Customers can also transfer money to the account via SMS.

The service, developed by Tech Mahindra, is based on near-field communications (NFC) technology. Customers would need to simply tap their NFC-enabled mobile phone or tags on merchants’ payment counters.

The service is not restricted to ICICI account holders and anyone can avail it. However, for the moment, ICICI Bank has opened “Tap-n-Pay” only at large office campuses. Further, employees will be able to register online only after their respective organizations have enrolled for the service.

Rajiv Sabharwal, Executive Director, ICICI Bank said, “This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses…” He also added customers won’t have to submit any documents or visit a branch to register for the service.

Remarking on how prepaid accounts will impact the use of debit and credit cards, CP Gurnani, Managing Director and Chief Executive, Tech Mahindra, said, “The synergies between the two partners (ICICI Bank and Tech Mahindra) will bring about a new payments ecosystem, parallel to, and yet in harmony with, the existing payment networks in the country.