YES BANK, India’s fifth largest private sector bank has tied up with ToneTag, a proximity communication company to integrate and deploy ToneTag sound based contactless payments on their mobile wallet YES PAY. The technology will allow YES PAY wallet users to make ‘cardless’ payments at merchant outlets through their mobile phone. The live demonstration of Yes Pay app using ToneTag Sound wave technology, was showcased at Nasscom Product Conclave 2016 in Bengaluru yesterday.
YES PAY wallet is YES BANK’s digital wallet that enables social media and smartphone users to send and receive money, split bills, budget, recharge mobile or DTH subscriptions, make utility bill payments and shop online. Any smartphone user can download the wallet app and register seamlessly ToneTag is a technology that enables sound based communication. The Software Development Kit (SDK) only requires a speaker and a microphone to work. It can utilize the in-built mic or speaker of any device to enable data transfer through soundwaves and hence it supports most existing devices such as PCs, POS, EDC devices and mobile phones including feature phones and wearables.
Since the ToneTag patented Software Development Kit (SDK) supports any hardware, the only prerequisite is the integration of the ToneTag SDK at both merchant (POS or Mobile devices) and customer interaction points (Mobile apps). The SDK contains features such as patented noise filters, three levels of encryption, tokenization, white box cryptography and multifactor authentication to ensure security and reliability.
Payments through ToneTag allow businesses to streamline their checkout process by providing a seamless transaction experience for both the customer and the retailers. ToneTag delivers unparalleled convenience to the customer as one can pay in-app at any physical location with just a click of a button.
Since the technology is software only and can be deployed very easily as an app download or update.It further advances ToneTag drive to reduce cash usage and promote a better payment experience for all.
