No need to swipe your card: ICICI card gives you cash at a wave

ICICI Bank today launched the country's first contact-less debit and credit cards that use near-field communication technology, enabling one to make payments by just waving the card near merchant terminals instead of swiping them.

The near field communication (NFC) technology provides customers improved speed and security over traditional cards, as the NFC cards can complete a transaction faster and are more secure as they remain in the customer's hand.

The bank has introduced these cards in Mumbai, Hyderabad and Gurgaon to begin with, and has installed over 1,200 PoS machines capable of accepting contact-less payments in these cities.

The bank has launched two cards with the new technology -- the Coral contact-less credit cards and the Expressions wave debit cards -- and both can also be used as regular cards at all merchant terminals in other cities, the bank said.

Commenting on the launch, ICICI Bank's executive director Rajiv Sabharwal said the bank expects these cards to be a big game changer in the payment industry as the key advantages of these cards, which are powered by both Visa and MasterCard, are speed and security.

He pointed out that ICICI Bank was among the first in the country to launch internet, mobile, tab and touch banking services among others.