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ICICI Bank launches contactless mobile payment solution

| | 15 Mar 2016, 10:01 pm
Mumbai, Mar 15 (IBNS): ICICI Bank on Tuesday unveiled contactless mobile payment solution to enable its credit and debit customers make in-store contactless payments by just waving their smartphones 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. The HCE technology creates ‘virtual’ cards for ‘physical’ credit or debit cards (Visa/MasterCard) of the Bank, as selected by the customer," a company statement said. 
 
The virtual card resides in the Bank’s secure cloud server. 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. While the virtual card bears a different card number, the credit limit and expiry date remains same as the original physical card.
 
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 display of the card 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. Further, for each payment via the virtual card, a one-time unique token number is created by the Bank’s server, which is encrypted and sent to the merchant’s terminal, without disclosing any information of the card. ICICI Bank has developed this platform in-house, based on the HCE.
 
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. Many of these were firsts in the industry like Internet, Mobile, social media banking, contactless cards and a mobile wallet among others. 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. The key advantages of the solution are speed, simplicity and security. The speed of transactions will add momentum to cashless payments," he said.
 
 "t the same time, it will herald a shift from low value cash payments to electronic payments at physical stores including quick service restaurants and shopping marts where fast transactions are much required. Also, the level of security is higher since the card details are not shared during the transaction process,” he added.

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