February 19 2016, 17.12 PM IST || Pocket News Alert
Contactless Payments Solutions Start-Up, ToneTag will facilitate proximity payments to around 3 lakh partner merchants through HDFC, one of the biggest merchant acquirers in India
BANGALORE, 19TH FEBRUARY, 2016: ToneTag’s proximity payment technology and hardware independent solutions continue to expand the potential of digital payments globally. The company has now added HDFC bank to its expanding portfolio of Top wallet players, mobile banking apps and acquirers with continued focus on merchant acquiring partnerships for global expansion.
This partnership will help ToneTag facilitate proximity payments to around 3 lakh partner merchants through HDFC, one of the biggest merchant acquirers in India.
So far, ToneTag has partnered with 14 customers (Banks, Mobile wallets and Payment service providers) in India, South East Asia, Europe and Middle East.
In the next two years, ToneTag aims to partner with 34 large format and mid-market brand stores, merchant acquirers, 14 large e-commerce companies for COD transactions, 26 Issuers with 80 million customers.
About ToneTag:
Reliance-Capital funded ToneTag has been disrupting the payments and Fintech space ever since, with their proximity payment technology that allows merchants to accept contactless payments without any hardware investments. The only requirement for mobile payments through ToneTag is to integrate the ToneTag software algorithm (SDK) at merchant (POS, EDC, PCs, Tablets, Mobile phones) and customer interaction points (Mobile Wallet, Mobile Banking Apps). Since the SDK uses soundwaves, it supports payments from any device including ‘feature phones’. Payments through ToneTag are offline, hence the customer doesn’t even require an active internet connection to pay. The SDK utilizes state of the art security features such as multi-layer encryption, tokenization, white box cryptography, and multi-factor authentication to ensure that every transaction is secure.
Founded in year 2013 by ex-Infosys Kumar Abhishek and co-founder Vivek Kumar Singh with a clutch of Angel Investors like Ram Sellaratnam and Rajesh Yohahanna, ToneTag 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).
