YES BANK Partners With ToneTag for Sound Based Payments on YES PAY Digital Wallet
YES PAY wallet is YES BANK’s digital wallet that enables social media and smartphone users to send and receive money, split bills, budget, recharge mobile or DTH subscriptions, make utility bill payments and shop online.
YES BANK, India’s fifth largest private sector bank has tied up 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. The live demonstration of Yes Pay app using ToneTag Sound wave technology , was showcased at Nasscom Product Conclave 2016 in Bengaluru yesterday.
YES PAY wallet is YES BANK’s digital wallet that enables social media and smartphone users to send and receive money, split bills, budget, recharge mobile or DTH subscriptions, make utility bill payments and shop online. Any smartphone user can download the wallet app and register seamlessly ToneTag is a technology that enables sound based communication. The Software Development Kit (SDK) only requires a speaker and a microphone to work. It can utilize the in-built mic or speaker of any device to enable data transfer through soundwaves and hence it supports most existing devices such as PCs, POS, EDC devices and mobile phones including feature phones and wearables.
Since the ToneTag patented Software Development Kit (SDK) supports any hardware, the only prerequisite is the integration of the ToneTag SDK at both merchant (POS or Mobile devices) and customer interaction points (Mobile apps). The SDK contains features such as patented noise filters, three levels of encryption, tokenization, white box cryptography and multifactor authentication to ensure security and reliability.
Payments through ToneTag allow businesses to streamline their checkout process by providing a seamless transaction experience for both the customer and the retailers. ToneTag delivers unparalleled convenience to the customer as one can pay in-app at any physical location with just a click of a button. Since the technology is software only, and can be deployed very easily as an app download or update.It further advances ToneTag drive to reduce cash usage and promote a better payment experience for all.
Ritesh Pai, Senior President & Country Head– Digital Banking at YES BANK, said – “Contactless payments based on sound tones is something we haven’t seen before and is a very interesting concept brought forth by ToneTag. As IoT sees greater investment, consumers will become increasingly reliant on contactless payments , ToneTag is our bet at making YES PAY Wallet future-ready. We are bullish about our alliance with them as we continue to strive in making payments seamless for end users.”
He further added, “YES PAY Wallet is an innovative product for smartphone users with features such as social media integration pushing the digital divide. ToneTag is thrilled about the partnership with YES BANK to provide their users with our payment technology.”
“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, in a statement.