As RBI data reveals that currency in circulation is almost at pre-demonetisation levels, ToneTag - a sound-based proximity communications and payment services provider - has been promoting Digital India with its products.
RetailPod, its solution targeted at merchants, big and small, has now been deployed by over 50,000 Indian merchants and is helping the retail ecosystem go truly digital.
The RetailPod provides a completely inter-operable, safe, and secure mode of contactless and cashless transactions through sound which doesn't need a smartphone, an app, a QR code, or even the internet. It enables merchants to accept payments anywhere without any connectivity requirements, and is compatible with any mobile phone, e-wallet, or digital payment application. Payment is less cumbersome, reducing the time taken in the transaction and adding to the customer's convenience and experience.
Additionally, payment is contactless and provides real-time acknowledgement to improve transaction security. Combined with its other products - RetailPod and Presence - ToneTag is essentially empowering and equipping merchants by providing a seamless, contactless, and cashless payments ecosystem for customers and merchants alike.
"Technology has become an integral part of human lives because its helps solve problems. Over-reliance on cash in the economy has been identified as a problem, but in spite of impressive efforts by the government and other players, cash circulation still remains strong. This is because the fundamentals are left unaddressed. The reason cash is still popular is that it works everywhere and doesn't depend upon your phone or the internet. We're bringing that kind of experience with the benefits of digital payments - i.e., security and convenience - together to help retail merchants provide a payment system consumers will be happy to switch to," said CEO and co-founder, ToneTag, Kumar Abhishek.
ToneTag is an Indian company with a global solution. The company's solutions have touched the lives of over 50 million consumers and 295,000 merchants worldwide, and have reached the Middle East, South-East Asia, North America and some parts of Africa.
The company has entered into collaborations with noted global brands in the payments ecosystem like MasterCard, Infosys' Finacle, ICICI, and First Data along with other banks and wallets. The company has created a demand of over 100,000 RetailPods in international markets, and is targeting the deployment over 500,000 RetailPods worldwide in the next 18 months.
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