(3) India’s first contactless mobile payment solution ‘iTap’ has been launched by ICICI Bank. Through ‘iTap’, its customers will be able to make payments by waving their cellphones near an NFC-enabled merchant terminal. In it, ICICI bank has used the Host Card Emulation(HCE) technology, which creates ‘virtual’ cards for ‘physical’ credit or debit cards (Visa/MasterCard) of the bank, as selected by the customer.