ToneTag Partners with Mphasis to Bring Sound-Based Contactless Payments
In February this year, Tech Mahindra’s Mobomoney launched sound-based digital payment service in collaboration with ToneTag for safe and secure transfer of digital money.
In a bid to increase its reach, ToneTag has now partnered with Mphasis to develop innovative solutions to digital banking and both online and offline payments for multiple industries. Mphasis will support ToneTag in creating solutions as an integration partner for contactless payments, location based services and customer engagement services.
Mphasis is a leading Bangalore based IT company that majorly works in the domains of infrastructure technology and applications outsourcing services. ToneTag is a Bangalore-based technology company that is developing solutions to contactless payments through sound and radio waves.
A collaboration between the two is going to result in introduction of cutting edge technology in the digital payments industry. Mphasis will provide the necessary technical support to ToneTag for implementing the solutions on merchant’s side.
Speaking about the partnership, Georg Lehmann, Senior VP and Head – Banking & Capital Markets, Retail and Logistics Client Delivery at Mphasis, said, “ToneTag provides us with the technology to make such an experience available to the broadest possible audience, without the restrictions of proprietary payment technologies.”
ToneTag wants to disrupt the contactless payments industry by offering sound-based payments without the need of NFC on any of the devices. The sounds can be communicated even in case of background noise, which is a big plus for developing nations like India.
The two companies plan to implement these payment solutions in banking and retail industry, which have a huge potential to grow in the coming years.
Physical money is slowly becoming redundant with the introduction of cashless payments and sound-based payments may very well make NFC redundant as well, while ensuring there is sufficient security associated with the transaction.
Retail stores in India have not yet fully implemented POS machines accepting contactless payments, except Birla’s More Malls. Although ICICI bank launched ‘Tap n Pay’ service last year, it has not gained momentum as expected.
I think a push is needed from the industry itself to assimilate the technology, and I know for sure that once Paytm steps into the sound-based contactless payment world, the industry will usher like the way digital wallets did.
Let’s wait and watch how the partnership helps the populace in India at retail stores and in banking, two of the most expansive projects in India.