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 offline 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 offline 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 offline, 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 filters, 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 offline 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 offline 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 Officer at ToneTag.
