Private sector lender Yes Bank has partnered 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.
ToneTag is a software development kit (SDK) that allows offline, contactless and secure payments using sound as well as near-field communication (NFC) depending upon the user device and retail POS hardware. ToneTag supports most existing devices such as PCs, POS, EDC devices and mobile phones including feature phones and wearables.
“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,” said Kumar Abhishek, CEO, ToneTag.
Since ToneTag is software only, the company says it can be easily deployed as an app download or update, reducing cash usage and promoting a better payment experience.