ICICI Bank launched NFC-based mobile payment solution Touch & Pay
Posted on:16 Mar 2016 12:34:29
16 March 2016 Current Affairs GK: ICICI Bank on 15 March 2016 announced a new mobile payment solution Touch & Pay. This solution is based on Near Field Communication (NFC) technology and will enable the bank’s customers to make secure contactless payments at retail stores using smartphones.The feature will be incorporated into the existing Pockets application of the bank.Customers can make payment by tapping smart phone at a NFC enabled merchant terminal and make the payment through account linked ICICI Bank Debit/Credit Card.To ensure security of the card details, for every payment done at a merchant store using this service, a one-use unique token is created by the Bank's server and will be sent via encryption to the merchant,The facility will be available in the last week of March 2016 at more than 60000 merchants across the country.
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