India’s largest private sector bank, the ICICI Bank has launched country’s first ‘contact less’ debit and credit cards, that would work on the Near-Field Communication (NFC) technology. The NFC technology enables the customers to make electronic payments by waving the cards near a merchant terminal instead of swiping the cards. Another advantage of this card is, it reduces the time to a great extent and also improves the security features.
As a beginning the ICICI Bank has introduced these cards in Hyderabad, Mumbai, and Gurgaon. More than 1000 NFC compatible Electronic Data Capture (EDC) machines have been set-up across restaurants, coffee shops, shopping malls, and fuel stations. The bank is planning to extend this facility country wide.