ToneTag raises $1 mn from Reliance Capital

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Bangalore | Published: August 11, 2015 1:06:28 AM

Bengaluru-based ToneTag, a global offline proximity-based mobile payments technology startup, has raised $1 million from Reliance Capital.

Bengaluru-based ToneTag, a global offline proximity-based mobile payments technology startup, has raised $1 million from Reliance Capital. The company which was set up in 2013 by ex-Infosys employee Kumar Abhishek and Vivek Kumar Singh with a clutch of  angel investors, inlcuding Ram Sellaratnam and Rajesh Yohahanna, enables contactless payments solution in existing eco system by integrating its proprietary software development kit at both merchant and customer interaction points (M-Wallet, M-Banking Apps).

“ToneTag has placed itself as an enabler to make mobile transactions a reality for all. Our technology is providing tools to all stakeholders — the issuers, the acquirers, the merchants and the consumers to realise frictionless in-store and in-app mobile payments. It is going to redefine payments in the future,” said Kumar Abhishek, ToneTag CEO.

Unlike NFC or QR codes, ToneTag works on all mobile devices, including feature phones, and does not require any investment in existing infrastructure.

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