ICICI Bank, an Indian private sector lender, has launched contactless debit and credit cards that use near-field communication (NFC) technology enabling customers to pay at a point-of-sale (PoS) terminal by waving the card instead of swiping.
The NFC technology will improve the pace of processing a payment as compared to traditional cards speeding up the entire transaction process.
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The new cards will be available as Coral Contactless Credit Card and Expressions Wave Debit Card are powered by MasterCard contactless and Visa payWave technologies, respectively.
The NFC-enabled cards will initially debut in Gurgaon, Hyderabad and Mumbai with over 1,200 PoS machines compatible to accept contactless payments being installed in these cities.
ICICI Bank executive director Rajiv Sabharwal said: "The key advantages of these cards are speed and security. The speed of transactions will add momentum to high-value payments.
"It will herald a shift from low value cash payments to cards thereby bringing payments in quick service restaurants and shopping marts too under the formal channel."
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By GlobalData
