Setting tone for payments

Fintech firm ToneTag uses sound waves to transfer money

Making payments is soon going to become even easier as you may not need a smartphone for the purpose. A basic feature phone will do.
ToneTag, a Bengaluru-based financial technology company, is set to introduce sound-based data transfer technology that had already been picked up by the likes of MasterCard and Infosys, one of the top three core banking solution providers in the world.
“ToneTag is a technology which is a communication protocol that will enable data transfer using sound waves,” Kumar Abhishek, CEO and co-founder, ToneTag, explained in an interview. “Where it becomes super interesting is that although we have several ways to transfer data like Bluetooth and Wi-fi and when we come to specific verticals like payments, we have NFC and QR, these are all hardware dependent.
“For example, both communicating devices need to have Bluetooth,” he said. “But for ToneTag, a software update can convert the sound around us and the sound that a mobile phone can generate and do a data transfer. There is no hardware dependency.”
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T.C.A. Sharad Raghavan
The Hindu
NEW DELHI, MAY 20, 2018 20:27 IST


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