Payment Solutions startup ToneTag secures strategic funds

Sound-based proximity payment company ToneTag has secured strategic funds from  Arun Seth (Trustee at NASSCOM foundation); T.V. Mohandas Pai (Chairman of Manipal Global Education); Anand Chandrasekaran (former Chief Product Officer of Snapdeal) and Deepak Ghaisas (Chairman of Gencoval Strategic Services Pvt. Ltd). The management gurus will now join ToneTag’s board along with other global investors.

ToneTag is a sound-based proximity communication provider that enables contactless proximity payments, proximity communication, location-based services, and customer engagement services among a multitude of other solutions. It is a product first company that started off to promote financial inclusion through accessible solutions that bridge the last mile in digital payments. By working closely with banks, retailers, payment providers and other stakeholders in the commerce and payment ecosystem, the company is solving real problems that are affecting various industries.

ToneTag technology plays to the natural power of the phone to generate and receive audio signals. As a result, ToneTag payments can be made on smartphones as well as feature phones, the latter being critical for financial inclusion. Also, ToneTag does not need NFC-compatible hardware or QR codes to be scanned. It is fully compatible with existing financial infrastructure like credit card machines and ATM’s so it has universal use and will help drive India to a cashless and cardless economy”

ToneTag has partnered with major players in the areas of mobile wallets and banking to enable contactless digital transactions on mobile phones, card swiping machines, ATMs and all other acceptance enabling devices. It is completely hardware and platform independent and works via the transmission of sound waves, alone. It requires no special hardware to be deployed.

Commenting on the development, Kumar Abhishek, Founder & CEO, ToneTag who said, “ToneTag is creating a payment ecosystem for the country that is completely digital, free from the clutches of cash. It enables an inclusive financial environment for the masses. ToneTag with its unique experience, a range of use cases and a strong partner network is striving to push India into a brighter digital era. Mohandas Pai, Arun, Deepak, Anand and T K have transformed several businesses with their proficiency and experience. Their association with ToneTag brings valuable know-how and will be an asset to the core team. Their individual and collaborative expertise will be instrumental in defining innovative solutions for our technology and give consumers access to many unique digital experiences, through various channels, that were previously not feasible.”