Bengaluru, Jan 8: Now, ICICI Bank has come up with an innovative technique which will enable its customers to pay cash without swiping credit or debit cards.
The bank introduced contactless debit and credit cards. With these cards, which use the near-field communication technology, one can payments by just waving the card near merchant terminals instead of swiping the same.
According to reports, the near field communication (NFC) technology provides customers improved convenience of speed and security over traditional cards as these cards can complete a transaction faster and be more secured as they remain with customer.
Currently, these two new cards have been launched only in in Mumbai, Hyderabad and Gurgaon. Meanwhile, it has installed over 1,200 PoS machines capable of accepting contactless payments in these cities.
The bank has launched two cards with the new technology - the Coral Contactless Credit Cards and the Expressions Wave Debit Cards - and both can also be used as regular cards at all merchant terminals (in other cities), the bank said.
Rajiv Sabharwal, while commenting on the new technique, said that ICICI Bank hopes to create a expects these cards to be a big game-changer in the payment industry as the key advantages of these cards, which are powered both by Visa and MasterCard, are speed and security.
(With agency inputs)