ICICI Bank, India's largest private sector bank, in arrangement with Tech Mahindra Limited, announced the launch of a contactless payment service based on the Near Field Communications, according to a press release. 

Called "Tap-n-Pay," the service enables any consumer to make over-the-counter payments either with an NFC-enabled tag or mobile phone at a merchant's point-of-sale device.

Tap-n-Pay is a prepaid account, which customers of any bank can open by simply registering for it and transferring money online from any bank account. ICICI Bank customers also can transfer money to the account through an SMS. To begin, ICICI Bank is offering this product at large campuses of corporate offices. ICICI Bank and Tech Mahindra have plans to extend this service across the country, according to the announcement. 

"ICICI Bank has always been at the forefront of introducing innovative technology for a world class customer experience," said Rajiv Sabharwal, executive director of ICICI Bank. "We are delighted to partner with Tech Mahindra to enable a contactless payment service in the country. This initiative will offer a new, differentiated digital solution to replace cash for regular and small value payments made over the counter in large campuses.

"We believe that this service will offer users an unparalleled experience of making quick and safe payments — like buying meal coupons at canteens — with just a tap of their mobile phone or the NFC tag. Its usability is wide as it allows customer of any bank to register for Tap-n-Pay with no documentation or branch visit. It will additionally ease the day-to-day hassle of cash handling and currency change for merchants too."