iKaaz teams up with DCB Bank for NFC payment solutions

Wednesday 24 December 2014 08:29 CET | News

Indian mobile payments solutions provider iKaaz has tied up with DCB Bank to provide tap and pay mobile payment which will allow consumers to make cashless transactions across various retailers in India.

The strategic tie-up with the bank will enable iKaazs service to perform like an open wallet, into which cash can be loaded, used at retail points and taken out when required.

The solution will work on near field communication (NFC) technology that enables a smartphone to send information to another by taping the devices.

iKaaz makes NFC tags which can be installed on any smartphone enabling them to transmit information. In this case, the phone becomes a wallet to perform money-based transactions at retail points that also have the tap and pay facility.

The company has over 7,500 merchants, including hotels, restaurants, kirana stores and telecom stores which accept cashless payments through iKaazs NFC cards.

Consumer can register by themselves or by a merchant using their mobile number and can purchase the NFC tag or the card from merchants and link it to the mobile number. Then consumers can load cash to the wallet by cash or by transferring from ones bank account.

In recent news, iKaaz has teamed up with south Indian restaurant chain Adiga’s and idli joint Brahmin’s Coffee Bar to introduce contactless payments for its customers.

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Keywords: iKaaz, DCB Bank, NFC, payment, mobile payments, mobile, payments , cashless, transactions , India, NFC, tag, wallet
Categories: Payments & Commerce
Countries: World
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