ICICI Bank has launched what it calls India's first contactless debit and credit cards using Near Field Communication technology.
The bank is introducing the cards in Mumbai, Hyderabad and Gurgaon for its initial launch after installing more than 1,200 point-of-sale terminals capable of accepting NFC contactless payments in those cities, the bank said in a Jan. 8 press release.
The bank is issuing Coral contactless credit cards and Expression debit cards using Visa PayWave technology. The bank plans to also include contactless PayPass technology from MasterCard. Both brands' cards are capable of initiating regular swipe transactions.
The bank said it will use its existing NFC platforms developed through Visa and MasterCard and will also work with the Delhi Metro transportation system to issue NFC Metro cards that can be used for transit fare and for regular purchases.
The bank expects these cards to be "a big game changer in the payments industry" in India because of the improvements to payment speed and security, ICICI executive director Rajiv Sabharwal said in the release.
India has been slow to adopt contactless card technology, mainly because of regulations that require a PIN with every card purchase. The bank expects that regulation to be changed for contactless payments.