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ICICI Bank, the country’s largest private sector lender, has launched a mobile solution that allows customers to make payments with their linked cards to the bank’s “Pockets” offering, by just tapping the mobile phone. Rajiv Sabharwal, executive director, ICICI Bank said this was one step ahead of the tap-and-pay solution the bank had been offering.
“Near Field Communication (NFC)-enabled cards was introduced earlier but this is a step ahead. With this, you don’t need to have your card with you at the time of making a payment as long as the card is linked to Pockets.” Pockets, is a digital banking service offered by ICICI Bank which has had about 3.3 million downloads so far.
NFC employs radio transmission to ascertain contact when the cards are tapped or waved near a terminal. However, apart from NFC the bank is also using Host Card Emulation (HCE) technology for this offering.