Mobomoney, Tech Mahindra’s contactless digital payment platform, has joined forces with Tonetag, a contactless payment app, to launch sound-based contactless payments.
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Under the deal, ToneTag’s patented technology will be integrated into the MoboMoney mobile application to allow consumers to enable proximity-based contactless payments through sound.
ToneTag’s software development kit (SDK) enables offline, contactless and secure payments using sound as well as NFC, depending upon the user device and retail POS hardware.
The kit also enables payments on any device such as smartphones, EDC machines, POS devices, and feature phones.
The solution reduces the cost of accepting cashless proximity payments and works on any mobile device without the need for any Internet access at the time of initiating payment.
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By GlobalDataThis service can be used for peer-to-peer money transfer between two mobile phones. The payments using sound will work on the existing MoboMoney ecosystem as well.
The MoboMoney application will ensure a secure transaction with multiple layers of encryption.
Tech Mahindra head for consumer business Vivek Chandok said: "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.
"This will allow end-users with Android-enabled low cost smartphones to start accepting (Merchant end) and making (Consumer end) digital payments, by simply going to Google Play Store and downloading the mobile application.
"The technology can also be used, in future, to simplify the peer-to-peer money transfer experience with users just needing to tap their smartphones in which the MoboMoney application is installed."
