There are an estimated 60 crore smartphone users in India, but not everyone is able to get seamless internet connectivity everywhere they visit to make digital payments with ease.
India has taken a big stride forward towards becoming a less-cash economy by registering a quantum jump in number of digital payments especially after demonetisation. However, along with digitally empowering every stakeholders – like milkman, maid servants etc, providing seamless and secure internet connectivity across the country is a big challenge.
There are an estimated 60 crore smartphone users in India, but not everyone is able to get seamless internet connectivity everywhere they visit to make digital payments with ease. Moreover, using an unsecured public WiFi or other connections may lead to data leak and compromise of security leading to financial fraud.
So, what is the answer to this connectivity problem to enable India a truly digital economy? To solve the problem, an Indian company has come up with a technology based on sound-wave to enable the smartphone users make fast, safe and hassle-free payment without any internet connection. The sound-wave technology also enables payments and proximity customer engagement services on any device, independent of the instrument or the infrastructure.
Backed by Amazon, Mastercard, 3one4 capital and Amensa, the company, named ToneTag, is not only empowering the masses in India, but has the largest sound-wave communication technology platform on the planet and is shipping RetailPOD to the Middle East, South-East Asia, North America and some parts of Africa.
Apart from becoming the first company to enable contactless payment acceptance on Electronic Data Capture, ToneTag has also introduced block-chain in the payments space, through which, blocks are cryptographically hashed. Moreover, with the payments itself are tokenised, no information regarding the actual customer or merchant gets revealed, thus making the payment process a secured one.
With filing of 13 global patents on proprietary technology, ToneTag has become an Indian company with a ‘global’ solution with over 52 million consumers and 3,10,000 merchants.
The company has already tied up with 26 partners, including ICICI Pockets (wallets + UPI payments), FreeCharge, Yes Pay, Bank of Baroda, Airtel money, and is working with Mastercard and Finacle to onboard their banking clients.