The mobile payments solutions provider, iKaaz has entered into a partnership with DCB Bank Limited to facilitate cashless transactions across various retailers in India. With its strategic arrangement with DCB Bank, iKaaz will offer tap and pay services through an open wallet, into which cash loaded can either be used at retail points or taken out when required.
The service is based on the near field communications (NFC) technology which allows mobile phones to send information to another phone by simply taping the devices together.
iKaaz will make NFC tags that could be installed on any smartphone enabling them to transmit information. This would help the customers to tap at the retail point and complete a transaction successfully.
For the new service, consumers can register using their mobile numbers. They can then purchase the NFC tag or the card from merchants and link it to their mobile numbers. Further, consumers can load cash to the wallet through cash or by transferring from one’s bank account.
