India’s fifth largest bank, Yes Bank has now tied up with the proximity communication company, ToneTag, to allow the users of Yes Bank mobile wallet make payments even when they are offline. This new technology will make payments seamless for Yes Bank’s customers. This new technology uses sound waves to transfer data. It will enable the wallet users to make cradles payments at merchants through their mobile phone without the usage of data. Read more news on Yes Bank.
ToneTag uses a patented Software Development Kit (SDK) which only needs a speaker (human) and a microphone to transfer data. “It can utilize the in – built microphone of any device to enable data transfer through sound waves and hence it supports most existing devices such as PCS, POS, EDC devices and mobile phones including feature phones and wearables”, ToneTag’s spokesperson said. “The only prerequisite is the integration of the ToneTag SDK at both the mobile device and the mobile app”, he added.
The mobile app also has features like noise filters, three-level encryption, tokenization, cryptography and multi-factor authentication to ensure security. “Payments through ToneTag allow businesses to streamline their checkout process by providing a seamless transaction experience for both the customer and the retailers”, ToneTag’s spokesperson said. YES Bank’s senior president and country head, Ritesh Pai, said, “Contactless payments based on sound tones are something we haven’t seen before. As IoT (Internet of Things) sees greater investment, consumers will become increasingly reliant on contactless payments”. “We are bullish about our alliance with ToneTag as we continue to strike in making payments seamless for our customers”, he added.
We feel that this technology of data transfer using only sound waves without the need to use data will make payments and other transactions at merchant places very easy and convenient for customers. There will be no need to check one’s mobile data balance or use credit or debit cards to make payments or do other kinds of transactions at merchant’s or other places. One can simply speak on the microphone of one’s mobile to get transactions done. Most of the smartphones these days have an in – built microphone. So that makes the process of making transactions that much easier. The mobile app has features like noise filter, which ensures the integrity of data sent (data is not modified by noise) and three-level encryption and multi-factor authentication which provide a great deal of security while transferring data. This is a highly useful and convenient technology that should be implemented by all the banks in the near future. Read more on Startups
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