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Tech Mahindra’s NFC-based digital payment wallet, MoboMoney, has tied up with ToneTag, to launch sound based contactless payments.
This association will help MoboMoney to be used for offline payments without revealing user’s mobile number.
ToneTag is a Bangalore-based mobile payment solution startup that allows easy, frictionless & secure mobile payments using soundwaves (Tone) or NFC (Tag), without the need of internet. The startup enables contactless payments in the existing payment ecosystem by integrating its proprietary software development kit at both Merchant (mobile,POS, EDC) and Customer interaction points (M-Wallet, M-Banking Apps).
ToneTag’s patented technology will be integrated into the MoboMoney mobile application, which will be an add-on feature for the NFC-enabled wallet. The technology will also facilitate peer-to-peer money transfer between two mobile devices.
Launched in December 2015, MoboMoney, is a contactless digital payment ecosystem that allows consumers to add money to their wallet through online banking, debit card, credit card or paying cash at its 1000+ retail network.The wallet can be used for over the counter payments, recharges and bill payments or online payments, and it ensures a secure transaction with multiple layers of encryption. Since the technology is also compatible with POS terminals, it enables proximity payments to work on existing 1.2 Mn POS terminal network in India, without upgrading the terminals to contactless NFC devices.
Further, Mobomoney plans to make about 14 Mn merchants in the country to accept digital payments on their phones with minimal or no investments.
Vivek Chandok, Head of Consumer Business, Tech Mahindra Ltd., said “With close to 1 Bn mobile consumers and a large population of consumers even in rural areas now owning smartphones. We plan to rapidly expand the offline payment ecosystem for a seamless payment experience. This association will simplify the user experience wherein customers and merchants can directly download the MoboMoney mobile application integrated with ToneTag SDK to start making and accepting digital payments.”
ToneTag started its operations in 2013 under former Infosys employee, Kumar Abhishek along with Vivek Kumar Singh with a clutch of angel Investors like Ram Sellaratnam and Rajesh Yohahana. It aims to reach 50,000 merchant devices and 1.8 Mn customers across the country by 2016. It raised $1 Mn in its first round of funding from Reliance Capital’s Venture fund arm in August 2015.
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