NFC-Mobile Payment Services: Is India Ready for it?



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Code : ITF0041

Year :
2019

Case Length : 8 pages

Industry :Mobile Payments

Organization:-

Period : 2009-2017

Region : India

Teaching Note: Available

Structured Assignment : -

Countries : India

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INTRODUCTION:On March 15, 2016, ICICI Bank launched India’s first contactless mobile payment solution called NFC-mobile payments (near field communication). NFC, a communication medium, enabled exchange of data between two devices with NFC chips installed in them when the devices were placed within a few centimeters of each other . With the help of Host Card Emulation (HCE) technology, a ‘virtual’ card with a different card number for debit and credit card would be stored in the customer’s smartphone and the details stored in the bank server cloud . Customers could initiate payments from their NFC-enabled smartphones by waving the phone within a distance of 4 cm from a contactless NFC-enabled point-of-sale (POS) terminal secured by a one-time encrypted password. This contactless mobile payment worked through a magnetic field and did not need the internet. It was thus considered highly secure as no sensitive information was saved on the smartphone. ...

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