India's ICICI Bank is set to launch an HCE-based mobile payment app that will be available to some 35 million cardholders in the country, according to multiple media reports. 

Bank employees are currently testing the app, the reports have said. 

"With India becoming the second largest market globally for mobile subscribers as well as smartphones, we expect this to be a big game-changer in the Indian payment industry," ICICI Executive Director Rajiv Sabahrwal told reporters during a conference call. 

State bank regulations limit NFC-based payments to a maximum of 2,000 rupees ($30) for a single transaction, according to the reports.

Sabahrwal told reporters that some 40,000 merchants accept NFC-based mobile payments.