April 25, 2017, Bangalore: Digitization has been instrumental in determining the growth of any business and the last bottleneck of the digital economy is the point of sale. ToneTag’s sound wave technology has reduced this by enabling contactless on any phone and provide easy, frictionless, and secure proximity payments and communications using sound. This has resulted in a 4.2x jump in their sale.
ToneTag technology is provided as an Interaction as a service solution. Post demonetization, Tonetag has garnered more experience and popularity among merchants and is proving to be a vital game changer in the payment industry.
ToneTag has partnered with Banks, Issuers and Acquirers, Toll plaza, Parking operators for payment solutions and Retailers for payment solutions and locating and engaging the customers.
Some of the ToneTag partners are Freecharge, ICICI pockets, YES Bank, Airtel, ShoppersStop etc.
ToneTag is the ?rst company on this planet to enable contactless payment acceptance on EDC machine using Sound. So far 100,000 plus Ingenico and Verifone EDC machines made contactless with ToneTag and 4000 computer POS made contactless with TT SDK push.
Kumar Abhishek, Founder of ToneTag says, “In a short span of time, ToneTag has reached 32 million plus consumers through its technology, giving them a whole new payment experience. We have with us 110,000 plus merchants, who use our technology to receive payments. We have a total of 18 clients so far. Our partners have reported a 4.2 times improvement on overall transactions compared to prevailing methods of transacting using OTP or QR codes, keeping the spend on consumer adoption same.”
He further adds, “Digital India is the way forward, with the ‘Smart City’ projects underway and government’s push for a cashless economy is evident as UPI based payments and Aadhar Pay are government initiatives. All banks and financial institutions have started to embrace digitization; this simplifies our role even further. Since India is home to the second largest mobile phone user base in the world with around 1 billion subscribers and 80% penetration, it’s the one technology that has truly captured the urban as well as rural areas.”
ToneTag is in talks with other major players in the retail, banking and fintech companies, trying to make the payment front more secure and safe.