Hello and welcome to the Current Affair's Portal of ExamPundit.in. 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.
Features of Touch & Pay
- The feature will be incorporated into the existing Pockets application of the bank.
- Customers can make payment by tapping smartphone 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.
Team Exam Pundit