ICICI Bank largest launches NFC-based mobile payments in India

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.