The indian provider of secure mobile payment solutions has launched its 'Tap & Pay' reader to enable cashless transactions based on NFC (Near Field Communication) technology.

According to the Bengalore based technology provider, NFC concept has not taken off in many countries due to the high cost of compatible terminals and NFC-enabled phones. iKaaz's NFC Reader can be plugged into any mobile phone to convert it into a mobile POS (point of sale) device.

It is priced at INR 1000 (almost 15 euros). Shop owners can also give customers additional security by mandating the use of an M-Pin (mobile pin) to authorize high value purchases.

For the consumer side, iKaaz sells NFC Sticker priced at less than INR 75 (around 1 euro) that converts mobile phone into an NFC-enabled phone. Customers can associate their iKaaz NFC tag to their bank account, pre-paid account, debit card or credit card.

The company also reported that the iKaaz platform is currently processing at the run rate of over 800,000 transactions per month, in less than three months since its launch.