Bangalore, 4th February: ToneTag, an online proximity payment technology company has tied up with Tech Mahindra, a specialist in digital services, to provide sound based contactless payment solution on Tech Mahindra’s mobile wallet, MoboMoney.
ToneTag enables fast, secure and convenient in-store payments through sound waves as well as Near Field Communication (NFC). The ToneTag patented Software Development Kit (SDK) works on any hardware or device such as smartphones, EDC machines, POS devices and even feature phones. The SDK is platform independent, allowing online contactless payments over the existing payment ecosystem. Since there are no additional hardware requirements to use the technology, this will enable a wider and inclusive ecosystem in which the MoboMoney wallet can be accepted to make digital payments for both online and online transactions. The ToneTag SDK just needs to be integrated at Merchant and Customer interaction points (POS, Mobile Wallet, Mobile Banking Apps). Payments through ToneTag are online, hence the customer can pay even without internet.
Creating a simple and accessible digital payment landscape is the primary target of ToneTag. Mobile is one technology that is conducive to such a goal, as 77% of the Indian population use mobile phones and the country is growing to become the 2nd largest smartphone market in the world. Utilizing the potential of these devices could change the payment ecosystem of the country forever. Since ToneTag uses sound waves a customer can even pay through his or her basic feature phone, capturing both the smart and feature phone markets. With similar goals Tech Mahindra joined ToneTag in expanding the range of digital payments through sound based contactless payments on MoboMoney.
MoboMoney is the latest payment solution from Tech Mahindra. The NFC based digital wallet features several services such as utility bill payments, mobile and DTH recharge as well as over the counter payment. MoboMoney is a prepaid wallet where customers can load cash directly to their wallet account to make payments. The partnership with ToneTag will give MoboMoney, another feature in addition to NFC that will take contactless payments to the masses.
The ToneTag SDK reduces the cost of accepting digital payments. The SDK uses audible and inaudible frequencies to make payments. The SDK contains features such as patented noise fi three levels of encryption, tokenization, white box cryptography and multifactor authentication to ensure security and reliability.
Vivek Chandok, Head Consumer Business, Tech Mahindra Ltd., said “With close to 1 billion mobile consumers and a large population of consumers even in rural areas now owning smartphones, we plan to aggressively expand the online payment ecosystem by eliminating all barriers to the payment experience. This association will simplify the user experience wherein customers and merchants can now directly download the MoboMoney mobile application integrated with ToneTag SDK to start making and accepting digital payments.”
“The partnership with Tech Mahindra will bring digital online payments to a large number of people. Our technology is easy to integrate and will give more ﬂexibility to payments on the MoboMoney wallet. Together with ToneTag, Mobomoney will be enabled to have more than 1 million merchant acceptance points.” said Kumar Abhishek, Chief Executive Office at ToneTag.
Tech Mahindra and ToneTag are one of the fi few companies in India to have entered the oline proximity payments market. Before this most of the digital payments were done through online. channels or through cumbersome methods such as barcode and mobile number based payments where the customer must either scan codes or divulge his/her mobile phone number to the merchant in order to pay. These technologies fail to provide a superior payment experience compared to card payments. ToneTag and Tech Mahindra aim to redefi the way payments take place and bring about a cashless payment ecosystem in the country. Since the ToneTag SDK supports legacy POS devices, it can include the 1.2 million strong POS terminal network in India to accept contactless payments. It also empowers the 14 million small merchants in India to accept digital payments on their phone with minimum or no investments.