With UPI backing, ToneTag vouches to complete transactions in 3 seconds

September 19, 2016

The Unified Payment Interface (UPI) that was launched recently by the National Payments Corporation of India (NPCI) – is already changing customers’ experience in payments, and also challenging companies to innovate and break new ground. ToneTag – a sound based technology that enables contact-less transfer of the UPI virtual address at the point of sale, without the merchant or customer having to manually divulge the information – is aiming to make end-to-end digital payments in three seconds, with the help of UPI at the back-end.

Customers using ToneTag can make contact-less payments from their feature phones, smartphones or tablets with just a single click, using nothing but sound waves! ToneTag reduces digital acceptance costs for merchants by removing hardware dependencies. ToneTag, which is available as an SDK (Software Development Kit), works over almost any device with a microphone or a speaker, irrespective of platform or specifications.

“While UPI simplifies and quickens the speed of payments at the server/back-end level, ToneTag plays a vital role in enabling quick contact-less payments at the ground level. The ToneTag technology has the capability to completely transform the way people pay during an offline in-store transaction. In the coming days, banks will offer UPI through a ToneTag experience,” says Kumar Abhishek, founder and CEO, ToneTag.

The ToneTag sound-based technology has already been evaluated and subsequently appreciated in a May 2016 document issued by NPCI. ToneTag can be integrated with any app that operates on almost any device or platform to allow secure and contact-less exchange of payment information. The company is targeting around 25 million customers by December 2016 and will be able to pay at 45 thousand UPI merchant terminals.