NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, March 16, 2016

ICICI Bank today unveiled a contactless mobile payment solution, which it claims to be first of its kind in India. As per ICICI, this payment solution enables its credit and debit customers make in-store contactless payments by just waving their smartphones near an NFC-enabled merchant terminal. This mobile payment solution has been launched today for the employees of the bank and will be available for its customers in the last week of March when the updated ‘Pockets’ application will be available on Google Play Store. An ICICI Bank credit and debit customer (VISA/Mastercard) with an NFC enabled smartphones of Android 4.4 OS & above will be able to use this solution.

An ICICI Bank customer is simply required to click on the Touch & Pay icon on the home screen of the ‘Pockets’ app in his/her smartphone and select the desired virtual credit / debit card. Once the merchant enters the amount to be charged, the customer can just wave the phone near the POS machine. A text on the phone as well as on the merchant’s terminal will confirm the transaction.