In yet another example of the increasing spirit of collaboration between start-ups in different verticals, sound based proximity communication provider ToneTag is tying up with leading IT services provider Mphasis to develop a range of innovative digital banking and payments solutions for the various industries.
In case you are unaware of them, Mphasis is an IT services company based in Bangalore, India which provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services to industries in financial services, telecom, logistics, and technology.
ToneTag, on the other hand, is a contactless payment app that uses sound waves to enable offline, proximity-based contactless payments on any device. ToneTag uses encrypted sound waves to communicate with the merchant’s Point-of-Sale (POS) system. The sound waves in turn are encrypted with three layers of security and also work despite the presence of background noises.
This unlikely partnership will seek to address a variety of concerns and use ToneTag’s superior and secure technology which deploys blockchain, to develop contactless proximity communication, location based services and customer engagement services.. While the benefits of such a system are too many to be recounted, some of the potential beneficiaries will include physical outlets, dealerships, bank branches and experience stores.
Speaking on the topic, Kumar Abhishek, CEO at ToneTag, said
We’re delighted by the technological partnership with Mphasis as our products perfectly complement each other. Physical retail has been slow to adapt to changing market conditions, especially when you look at competition from other channels such as e-commerce. The banking industry has also been wary of change. With this partnership we wish to enrich these sectors and bring about a better user experience for all involved.
ToneTag is an integrated library (SDK) that is capable of allowing easy, frictionless, and secure proximity (offline) payments using sound (Tone) or NFC (Tag). The mobile application can also be used to initiate in-store purchases using any one of the two methods mentioned above. Apple and Samsung Pay are some other notable examples of the niche ToneTag operates in and although not of the scale of either Samsung or Apple, it has all the advantages associated with interoperability and by extension, easy adaptability.
Speaking on the collaboration, Georg Lehmann, Senior Vice President and Head – Banking & Capital Markets, Retail and Logistics Client Delivery, said
Today’s customers give a great deal of importance to their overall retail experience. The rise of mobile/smartphone usage, internet penetration and e-commerce means that consumers are now used to a seamless online shopping experience. ToneTag provides us with the technology to make such an experience available to the broadest possible audience, without the restrictions of proprietary payment technologies.
He also went on to applaud ToneTag’s sound wave technology and how it offers an additional layer of security and fraud-proofing to banking and retail clients.
Well, with the dawn of new age techniques of payments that are making cash — and now even cards — increasingly redundant, safety and ease of operation continue to be some of the biggest concerns. With collaborations like this though, the age of general mobile payments may just be ushered in sooner than our expectations.