ICICI Bank, India's leading private sector bank, has announced the debut of a contactless payment service through its mobile banking app, iMobile Pay, that allows customers to pay at POS (Point of Sale) terminals at merchant outlets using their handsets. Customers using the bank's debit and credit cards will benefit from the service because they will no longer need to bring their cards with them while making purchases at retail outlets.
Benefits of using contactless payment service through iMobile Pay App
While launching the above-said service the bank has claimed that "based on the Near Field Communications (NFC) technology, the innovative payment service empowers customers to create digital versions of their physical ICICI Bank debit and credit cards on the iMobile Pay app. Using the digital cards, customers can initiate electronic payments at merchant outlets from NFC enabled Android smartphones by just waving their phone near a contactless POS device."
Mr. Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, "We, at ICICI Bank, focus on technological innovations to offer unique, fast and convenient solutions to our customers. We were first to introduce ‘Tap to Pay' facility five years ago by digitising cards and offering secured contactless payment through our digital wallet app, Pockets. Now we have extended this facility through our mobile app, iMobile Pay. This contactless mobile payment solution offers cashless payments to the Bank's customers using just their smartphones, thereby eliminating the need to carry cash or debit and credit cards."
He further added "We believe, with 'Tap to Pay' payment solution, customers will experience enhanced convenience as it provides instant, safe and secure payments. Additionally, the solution offers enhanced security as the customer's card details are not shared during the transaction process and are stored virtually in the Bank's secure cloud server. We thank our partners Visa and Comviva who have enabled this collaboration. We will continue on our endeavour to improve cards payment experience for our customers through innovation and excellence with focus on safety and security."
Mr. T. R. Ramachandran, Group Country Manager, India and South Asia, Visa said, "Contactless payments are becoming the go-to way of paying instantly and securely at merchant outlets, today accounting for 1 out of every 2 face-to-face Visa transactions in Asia Pacific. We are delighted to strengthen our strategic and innovation-focused partnership with ICICI Bank by enabling contactless payments on iMobile Pay banking app, embedding the ease of tapping to pay into the mobile banking experience for millions of Visa cardholders of the Bank."
Mr. Srinivas Nidugondi, EVP and Chief Growth and Transformation Officer, Comviva, said, "We are thrilled to partner with ICICI Bank to modernize payments and evolve the digital landscape in India. As one of the world's leading digital payment platform provider, Comviva is extremely excited to offer swift, secure and convenient payment experience to ICICI Bank customers. iMobile Pay ‘Tap to Pay' will accelerate the growth of safe and hygienic contactless payments and contribute towards India's growing digital economy."
How to activate the contactless payment service option on iMobile Pay?
Customers must download the latest version of the iMobile Pay app from the Google Play Store on their NFC-enabled smartphones running Android 6 or above in order to use this service. Customers will need to complete a one-time iMobile Pay activation to begin utilising the 'Tap to Pay' service, after which they will be able to make safe and easy transactions at retail shops.
Customers can make payments up to Rs 5,000 per transaction by just tapping or waving their phone near the POS terminal, according to RBI standards. Customers would be required to input their card PIN as well as wave their phone near the POS machine for purchases over Rs. 5,000. For one time activation, a customer has to follow the steps listed below:
- Customers must first log into the iMobile Pay app and then tap the 'Tap to Pay' button on the login screen or in the 'Shop' section of the app.
- After that, customers must choose their registered debit and credit cards to establish a virtual version of the selected card and then accept the terms and conditions by clicking on 'I Agree.'
- Customers using any ICICI Bank Visa credit and debit cards can generate virtual cards.
- Upon accepting the terms and conditions, customers can make use of the contactless payment service at any POS (Point of Sale) terminal.
How to make contactless payments through iMobile Pay?
By following the steps listed below, customers can download the iMobile Pay app and make use of the contactless payments service:
- For customers using Apple mobile phones can click on this link https://apps.apple.com/in/app/icici-bank-mobile-banking/id375276006 or they can also directly visit the App store on their mobile phone to download the iMobile Pay by ICICI Bank app.
- For customers using Android mobile phones can click on this link https://play.google.com/store/apps/details?id=com.csam.icici.bank.imobile&referrer=utm_source%3Dicici-bank-website%26utm_medium%3Dimobile-page%26utm_campaign%3Dmobile-banking or they can also directly visit the Google Play store on their mobile phone to download the app.
- They can then activate the iMobile Pay app by entering the required and mandatory credentials.
- Upon successful activation of the account, they are required to complete the authentication process to sign in.
- Now after signing in to the app, they are required to click on ‘Tap to Pay' on login page or ‘Shop' section
- To make a payment, they need to choose a virtual Visa card and wave or tap their phone near an NFC-enabled POS terminal.
- The phone displays a notification that says, "Payment initiated successfully," upon effective authentication of the transaction.