Indian private sector lender Yes Bank has joined forces with mobile payment solutions provider ToneTag to integrate sound-based contactless payments on its YES Pay mobile wallet.
ToneTag’s technology will enable Yes Pay users to make cardless and offline payments at merchant outlets through their mobile phones.
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Yes Bank senior president and country head – digital banking Ritesh Pai said: “Contactless payments based on sound tones is something we haven’t seen before and is a very interesting concept brought forth by ToneTag.
“As IoT sees greater investment, consumers will become increasingly reliant on contactless payments, ToneTag is our bet at making Yes Pay Wallet future-ready.”
The ToneTag technology uses the in-built mic or speaker of any device to allow data transfer through sound waves. It supports a wide range of devices including PCs, PoS, EDC devices, wearables and mobile phones.
The software development kit of ToneTag incorporates a range of features including patented noise filters, three levels of encryption, tokenisation, white box cryptography and multifactor authentication.
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By GlobalDataToneTag CEO Kumar Abhishek said: “With ToneTag, Yes Pay wallet users can enjoy an NFC like payments experience without the associated hardware dependencies, which is a significant improvement over current technologies such as QR codes that are being used in the market for in-store payments.”
