An user using NFC service of  iPhone '5'
NFC based phone user will be able to use their phone as a medium of payment gatewayReuters

Private sector lender DCB Bank has announced a strategic partnership with iKaaz, a mobile payment start-up company, to launch an innovative mobile payment service in India. 

iKaaz will introduce payment solutions, including its flagship Near Field Communications (NFC) based Tap & Pay product targeting the merchant ecosystem and other related offerings targeting consumers directly.

The tie-up is expected to take the country a step closer towards a cashless economy.

Soma Sundaram, Founder and CEO of iKaaz, said, "We are very pleased to partner with DCB Bank on this strategic initiative. The partnership will help in actualising our goal towards simplifying payments. This collaboration provides another entry point for fast and convenient means of payment acceptance for merchants and simplifying the payments experience for customers. This further demonstrates our commitment to continuously deliver innovative products and solutions to the market."

He said the company will target and address issues within niche use cases where the payment process is cumbersome for the value chain.

Murali M. Natrajan, Managing Director & CEO, DCB Bank said: "Technology evolution is continuously and dramatically changing how banking and transactions are conducted. We are excited to partner with iKaaz who have created a unique cashless tap and pay product. We believe this product can provide huge convenience to customers. We hope that over the coming years iKaaz transforms how payments are made in India."