#News(Startup) [ via IoTForIndiaGroup ]
After QR Code and NFC, soundwave-based payments is touted as the next big thing in digital payments
ToneTag’s payment technology works both offline and on smartphones and feature phones
The startup wants to take over cash transaction dependency by improving the existing transaction system
“We looked into both QR code-and NFC-based mobile payments, but neither of them ticked all the boxes with respect to solving these two aspects — making the mobile payments experience interactive and available for both smartphones and feature phones,” says Abhishek.
He explains that the QR Code is highly dependant on the phone’s camera and the internet. “Sometimes, you may end up paying faster in cash than through QR Code as scanning the code can take time. With a fast internet connection, it may work fine, but on a variable 3G signal, many users often lose patience while making such payments,” asserted the founder.
While NFC provides a much better experience as compared to cash and cards, it is not made for all devices such as Oneplus 2, Motorola Moto G, Apple’s iPhone 5S, iPhone 5C, iPhone 6, Apple’s iPad.
So, ToneTag went ahead and devised its own payments protocol, which is touted as a first in the fintech sector. No other company has reportedly ever tried devising payments enabling technology that uses sound waves
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