Our sound-based payment tech helps those not digitally savvy: ToneTag CEO

'We are already doing 10 billion UPI transactions a month which is way more than the digital transactions in the US and Europe combined (for a month),' said Abhishek

Launched in 2013, ToneTag uses sound waves to enable contactless, offline and proximity data communication across devices. It claims to be the largest sound-wave communication technology platform in the world and has won the Reserve Bank of India’s hackathon twice over. KUMAR ABHISHEK, co-founder and chief executive officer of ToneTag, spoke with Raghu Mohan in a video interview. Edited excerpts:

At the outset, why did you opt for a sound-based payment system?
 

The idea was to use a protocol which can allow people who are not digitally savvy to have a very idiot-proof way of using financial services, an analog protocol