Page 31 - Banking Finance June 2017

INTERVIEW

“Our technology is currently be-

ing deployed at various locations

in India and around the world”

Kumar Abhishek

Founder & CEO ToneTag

Please apprise our readers about your company? one with any device, even feature phones with or without
ToneTag was founded in Sep'2013 by Kumar Abhishek and the internet, can pay contactless, and the payment can be
Vivek Kumar Singh. accepted by any device.
ToneTag is driven to realize mobile payments and revolu- ToneTag provides multiple and unique solutions for Issuers,
tionize the payment ecosystem. Utilizing sound waves, we Acquirers, Banks, Retailers, Mobility.
enable offline, proximity communication and contactless ToneTag supports a plethora of use cases, as it is completely
payments on any device. Our technology is currently being interoperable and platform independent. Some of the use
deployed at various locations in India and around the world. cases enabled by ToneTag technology are:
This sound waves based technology offers contactless and Y Payment on Delivery
cashless payments for all. With ToneTag, anyone with any Y Feature phone payments
device, even feature phones with or without the internet,
Y In-store payments
can pay contactless, and the payment can be accepted by
any device. Y Locate, Engage and Pay solution for Retail
Y Peer-to- Peer Payments
TomeTag software algorithm (SDK) encodes data into sound
waves which could be transmitted through any device. The Y Invisible Payment
only requirement for mobile payments through ToneTag is Y Cardless cash withdrawal from ATM's
the integration of the ToneTag proprietary SDK on the mer- Y Cashless payment at Parking and Toll plaza
chant (EDC, POS, Phone) and customer (Mobile banking, Y Pick & Go solution for Retail, enabling seamless
wallet, payment apps) side. shopping experience
Once integrated, the customer can make payments using
any payment instrument such as mobile wallets, credit/debit Mobile payments are growing rapidly. What fu-
cards, bank account, supported loyalty cards etc. The tech- ture do you foresee for digital payments?
nology is highly interoperable, working on most existing in- Mobile payments can bring millions of people into the finan-
frastructure. The ability to pay in-app through phone ensures cial world like never before. Whether it's the ability to trans-
a completely frictionless payment and shopping experience. fer money directly to friends and family in remote locations,
or businesses being given new ways to accept payments,
What solutions are you providing?
ToneTag is completely platform and
hardware independent and hence “ The technology is highly interoperable, working on most
highly scalable. existing infrastructure. The ability to pay in-app through
This sound waves based technology phone ensures a completely frictionless payment and
offers contactless and cashless pay- “
ments for all. With ToneTag, any- shopping experience

BANKING FINANCE | JUNE | 2017 | 31

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