ToneTag

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  ToneTag - The largest Sound wave based network on the planet

Kumar Abhishek, a core banking consultant living and working in Singapore at the time, marvelled the level of efficiency at which Singapore as a city would operate. Everything was always on time, largely because digital payments had been embraced for their speed, safety, and ease of use. When he got asked why is it in India that people get candies instead of balance cash, he started to realize that there is a need for a better way to make payment in India.

With a vision to establish the first of such efficiencies in India, Kumar found a way to secure and authenticate payments using nothing more than a wave of sound emitted from a device with the right credentials.

After finishing his spell with Infosys in Singapore and returning to Bangalore, Kumar, along with co-founder Vivek Kumar Singh, established a company in 2013. He further developed sound-based technology and tested its application to suit India’s large population. And they found a way to do it. Thus, ToneTag was born, one of India’s most promising new companies which aims to revolutionize payments.

ToneTag’s technology is basically limitless in the digital space – it has no OS-based compatibility restrictions or device communication issues and it can be used to make quick and secure payments to any merchant terminals (like PoS device, hand-held devices, EDC machines, etc.) or receiver. The payments can be done offline. Any merchant terminal can be upgraded with an SDK (Software Development Kit) to receive and authenticate these payments in a matter of seconds.

A large portion of India’s rural population doesn’t have access to regular internet or smartphones, making ToneTag’s powerful new technology the quickest and most easily deployable digital payments model in India. ToneTag started out the journey with enabling payments and is now spreading to multiple domains with global deployments in countries like Dubai, South East Asia, and Latin America. Currently, the following services are provided: • Big data analytics based real-time loyalty. • In-Store Payments. • Omni-Channel Customer Engagement. • Invisible payments. • Brand and service discovery.

ToneTag is the first company in the world to enable contactless payment acceptance on EDC machine using Sound. Since sound-based technology is completely hardware independent, it’s accessible to anyone. Companies like MasterCard are helping ToneTag grow globally by introducing the technology to their partner banks. In India, ToneTag has partnered with: • Yes Pay • ICICI Pockets • IMS • Freecharge • Airtel Money • Shoppers Stop • Bank of Baroda M-Connect • Infosys Finacle

The ToneTag team is dedicated to building a top-notch proximity technology. The team consists of technical minds with a dedicated research in audio technology and extensive experience in building financial products. ToneTag is mentored and guided by industry veterans who are at leadership roles in the Fintech space. The team currently stands strong at 90 which started out with just 2 members.

Built With

• fintech
• soundwave
• technology