Register for The Paypers news Follow The Paypers on LinkedIn! Follow The Paypers on Twitter! Follow The Paypers on Facebook! Follow The Paypers on Google+!
The Paypers, paypers, Insight in payments, News, Reports, Events
Mobile Payments

MoboMoney, ToneTag unveil sound-based contactless payments

Tuesday 9 February 2016 | 11:34 AM CET

MoboMoney, an NFC payments platform launched in December 2015 by information technology provider Tech Mahindra, has launched a service that enables electronic payments using sound waves instead of card swipes.

The company has tied up with ToneTag, a software development kit (SDK) that allows offline, contactless payments using sound as well as NFC, depending upon the user device and retail POS hardware.

As this technology enables contactless payments through sound waves, there is no dependence on any specific platform and it will enable payments on any device such as smartphones, EDC machines, POS devices and even feature phones. The payments using sound will work on the existing MoboMoney ecosystem as well.

In addition to merchant payments, this technology can facilitate P2P money transfer between two mobile devices.

The consumer initiates the payment and the merchant accepts, leading to data transfer using audible or inaudible sound frequencies. Since the technology is also compatible with legacy POS terminals, it enables proximity payments to work on the existing 1.2m POS terminal network in India.

Customers and merchants can download the MoboMoney mobile application integrated with ToneTag SDK to start making and accepting digital payments.

Print | Contact editor | Mail
© 2016 The Paypers
More: Abstract | Link