ICICI Bank to roll out NFC-based e-wallet

Indian private sector lender ICICI Bank is set to roll out a digital wallet in this year, said ICICI executive director Rajiv Sabharwal.

The wallet will be based on Near Field Communication (NFC) technology and will allow payments through compatible mobile devices.

Earlier this month, the bank launched its NFC-enabled cards in three cities and also launched over 1200 Electronic Data Capture machines capable of accepting contactless payments.

Sabharwal added that the new NFC readers will process payments from mobile as well as from NFC cards from other banks.

“That’s how the ecosystem will have to work. Even if any of my competitor launches an NFC card, they will have to ensure their POS machines will accept all other cards. Similarly I will have to also,” commented Sabharwal.

A digital wallet would help quicker processing of card payment, phasing out PIN entry on the reader.