ERP Insights >> Magazine >> April - 2016 issue
ICICI Bank Launches India's first Contactless Mobile Payment Solution
Author : ERP Insights Team
Friday, April 22, 2016
ICICI Bank has unveiled the country's first contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smart phones near an NFC-enabled merchant terminal. The mobile payment solution available in the Bank's 'Pockets' app, provides improved convenience of 'Touch & Pay' as customers are no longer required to carry physical card or cash to pay in stores.
ICICI Bank is the first financial institution in the country to leverage the Host Card Emulation (HCE) technology to bring forth this solution. Using the virtual cards, an ICICI Bank customer can initiate electronic payments from NFC enabled smartphones by just waving his/her phone near a contactless merchant terminal.
The solution offers enhanced security as the customer's card details are stored virtually in the Bank's secure cloud server and not on the customer's mobile phone. Additionally the card displayed on the smartphone shows only last four digits of the virtual card. Thus, even if a customer loses his/her mobile phone, he/she will not lose any confidential information about his/her original and virtual card.
Rajiv Sabharwal, Executive Director,ICICI Bank said, "We have always leveraged technology to introduce digital innovations and provide world-class banking experience to our customers. We are delighted to introduce yet another first in the country a contactless mobile payment solution that that will allow cashless payments using just smartphones, thereby eliminating the need to carry cash or debit and credit cards. With India becoming the second largest market globally for mobile subscribers as well as smartphones, we expect this to be a big game changer in the Indian payment industry, as it will transform the smartphone into a virtual wallet."
One can start using the service with a few simple steps on their mobile:
One Time Activation: First, login to the 'Pockets' app and click on Touch & Pay icon on the home screen. Then, simply tap to select a linked credit and debit card displayed there. Thereafter, click on 'Accept terms' to create a 'virtual card' number against that card. Customers can create virtual cards against each of their credit and debit cards (VISA/Mastercard)
Making a Payment: Log into the 'Pockets' app. Click on Touch & Pay. Select a virtual card to make the payment. Wave or tap the phone near the NFC enabled merchant terminal. A text on the phone as well as on the merchant's terminal will confirm the transaction. ICICI Bank launched 'Pockets', India's first digital bank on mobile phone last year. It has registered over 3.3 million downloads. The Bank is also the numero uno bank in the Indian mobile banking industry with over Rs 56,000 crore worth of transactions till November 2015 in FY'16 as per the latest available report on the RBI website
ICICI Bank Launches India's first Contactless Mobile Payment Solution
Author : ERP Insights Team
Friday, April 22, 2016
ICICI Bank has unveiled the country's first contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smart phones near an NFC-enabled merchant terminal. The mobile payment solution available in the Bank's 'Pockets' app, provides improved convenience of 'Touch & Pay' as customers are no longer required to carry physical card or cash to pay in stores.
ICICI Bank is the first financial institution in the country to leverage the Host Card Emulation (HCE) technology to bring forth this solution. Using the virtual cards, an ICICI Bank customer can initiate electronic payments from NFC enabled smartphones by just waving his/her phone near a contactless merchant terminal.
The solution offers enhanced security as the customer's card details are stored virtually in the Bank's secure cloud server and not on the customer's mobile phone. Additionally the card displayed on the smartphone shows only last four digits of the virtual card. Thus, even if a customer loses his/her mobile phone, he/she will not lose any confidential information about his/her original and virtual card.
Rajiv Sabharwal, Executive Director,ICICI Bank said, "We have always leveraged technology to introduce digital innovations and provide world-class banking experience to our customers. We are delighted to introduce yet another first in the country a contactless mobile payment solution that that will allow cashless payments using just smartphones, thereby eliminating the need to carry cash or debit and credit cards. With India becoming the second largest market globally for mobile subscribers as well as smartphones, we expect this to be a big game changer in the Indian payment industry, as it will transform the smartphone into a virtual wallet."
One can start using the service with a few simple steps on their mobile:
One Time Activation: First, login to the 'Pockets' app and click on Touch & Pay icon on the home screen. Then, simply tap to select a linked credit and debit card displayed there. Thereafter, click on 'Accept terms' to create a 'virtual card' number against that card. Customers can create virtual cards against each of their credit and debit cards (VISA/Mastercard)
Making a Payment: Log into the 'Pockets' app. Click on Touch & Pay. Select a virtual card to make the payment. Wave or tap the phone near the NFC enabled merchant terminal. A text on the phone as well as on the merchant's terminal will confirm the transaction. ICICI Bank launched 'Pockets', India's first digital bank on mobile phone last year. It has registered over 3.3 million downloads. The Bank is also the numero uno bank in the Indian mobile banking industry with over Rs 56,000 crore worth of transactions till November 2015 in FY'16 as per the latest available report on the RBI website
ICICI Bank is the first financial institution in the country to leverage the Host Card Emulation (HCE) technology to bring forth this solution. Using the virtual cards, an ICICI Bank customer can initiate electronic payments from NFC enabled smartphones by just waving his/her phone near a contactless merchant terminal.
The solution offers enhanced security as the customer's card details are stored virtually in the Bank's secure cloud server and not on the customer's mobile phone. Additionally the card displayed on the smartphone shows only last four digits of the virtual card. Thus, even if a customer loses his/her mobile phone, he/she will not lose any confidential information about his/her original and virtual card.
Rajiv Sabharwal, Executive Director,ICICI Bank said, "We have always leveraged technology to introduce digital innovations and provide world-class banking experience to our customers. We are delighted to introduce yet another first in the country a contactless mobile payment solution that that will allow cashless payments using just smartphones, thereby eliminating the need to carry cash or debit and credit cards. With India becoming the second largest market globally for mobile subscribers as well as smartphones, we expect this to be a big game changer in the Indian payment industry, as it will transform the smartphone into a virtual wallet."
One can start using the service with a few simple steps on their mobile:
One Time Activation: First, login to the 'Pockets' app and click on Touch & Pay icon on the home screen. Then, simply tap to select a linked credit and debit card displayed there. Thereafter, click on 'Accept terms' to create a 'virtual card' number against that card. Customers can create virtual cards against each of their credit and debit cards (VISA/Mastercard)
Making a Payment: Log into the 'Pockets' app. Click on Touch & Pay. Select a virtual card to make the payment. Wave or tap the phone near the NFC enabled merchant terminal. A text on the phone as well as on the merchant's terminal will confirm the transaction. ICICI Bank launched 'Pockets', India's first digital bank on mobile phone last year. It has registered over 3.3 million downloads. The Bank is also the numero uno bank in the Indian mobile banking industry with over Rs 56,000 crore worth of transactions till November 2015 in FY'16 as per the latest available report on the RBI website
