India’s private sector lender ICICI Bank is set to launch NFC-enabled debit and credit cards next month to allow faster payment transaction.

NFC or contactless cards, which do not require any pin code for confirmation, will allow payments by waving a card in front of a scanner instead of swiping through a card reader.

Although to abide by the Reserve Bank of India’s present guidelines, that require all cards transactions to be authenticated by punching a pin, ICICI Bank’s NFC cards need to be authenticated with PIN which may hinder the purpose of time saving using those cards, reports Times of India.

The new cards will tie up with both Visa and MasterCard for their respective products payWave and Paypass. The bank will launch these cards in Mumbai, Delhi and Hyderabad and has already tied up with 200 merchants.

Rajiv Sabharwal, executive director at ICICI Bank, while speaking to Times of India, said: "The key advantage is that, this card can ensure the transaction gets completed in one tenth the time taken by an existing credit card.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"Also since the card need not leave the customer’s hand, the level of security is higher. There is a strong pull for this kind of a product from the merchant side as they can service many more customers in the same time. Given our distribution capabilities we expect to make a big difference."