Tontag said it has received several Indian and global patents, giving it a massive IP mote in India and other geographies.
Voice-based financial transactions are soon going to become a reality as the Reserve Bank has approved Tonetag, a hardware-agnostic sound wave technology solution provider for such payments.
The company said on September 14 that TonTag has completed the first set under the Reserve Bank of India (RBI) sandbox for retail payments.
The test was conducted in rural and urban areas in Karnataka and Bihar, involving transactions up to ₹1,000.
ToneTag has successfully executed offline voice-based payments through feature phones and smart phones in areas with inconsistent internet connectivity, it said in a release.
It further said that “the technology is already in place, we have got approval from RBI, now regulated entities can easily adopt this technology.” This will benefit those who are not digitally savvy or who find it difficult to use the app for banking or payments, making digital payments a reality for all, the company said, adding that voice-based retail payment technology Now ready to adopt. service providers.
With the successful closure of the group, Tonetag is now ready to enable digital payments for over 600 million feature phone users, it said.
It will also provide a secure and seamless payment experience for smartphone users who are not digitally savvy.
The Bengaluru-based company said it has ensured that the technology is easy to use and understand.
“Through this technology, ToneTag is set to promote financial inclusion across geographies and make digital payments convenient and available to all with mobile phones, any make or model.”
Kumar Abhishek said, “Our technology breakthrough in collaboration will not only bring rural India into the digital payments ecosystem, but will also bridge the gap between traditional and futuristic payment options for the millions of customers who currently have digital payments. No access to services.” , Founder and CEO, Tontag said.
Tontag said it has received several Indian and global patents, giving it a massive IP mote in India and other geographies.
It has also launched RetailPods, a device that allows retailers or other sellers to accept payments through any facility or smart phone and receive voice-based acknowledgment or payment confirmation.
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