Infosys tonetag partners for Sound based Contactless Payment Solution
Infosys tonetag partners for Sound based Contactless Payment Solution

To enable sound based contactless payments solutions Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys announced a partnership with ToneTag, a provider of near-field communications (NFC), payments and location based services using sound waves.

Through this partnership, Finacle and ToneTag will offer a joint solution that will leverage the latter’s sound wave technology to enable proximity payments and interactions.

Make Payment with Tap of Phone

Leveraging this joint solution, banks will now enable their consumers to authenticate themselves and transact at bank branches, ATMs and retail outlets, in a highly secure, fast and seamless manner. Consumers can make payments with a tap of their phone, which will expedite the checkout process at merchant location, and improve the overall shopping experience. Delivered through Finacle digital banking solutions such as Finacle Mobile Banking and Finacle Digital Wallet, the solution will be available on all kinds of mobile devices, including feature phones.

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ToneTag is one of the companies that was recognised in the recently concluded chapter of Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new FinTechs.

Key features of Sound based contactless payment solution

Banks will be able to offer contactless payments on traditional Point-of-Sale machines without adding any new hardware device with help of this solution.

The solution will empower consumers across segments to enjoy tap and go experience at the merchant location.

The sound emitted will enable transfer of essential information such as merchant ID, device ID, transaction reference number and amount between consumer’s phone and PoS device. On the basis of this information, consumers can approve the transaction on their phone, without sharing the card or account information with the merchant.

The unique aspect of this solution is that unlike NFC-based proximity payments, which require expensive handsets and new-age point-of-sale-machines, the sound based contactless payments can be offered on all smart phones and feature phones

The contactless technology from ToneTag, combined with biometrics authentication capabilities of Finacle solutions such as fingerprint or facial recognition, will enable consumers to have a completely frictionless experience while shopping.

Based on the industry recognised EMVCo technical standard (which facilitates worldwide interoperability and acceptance of secure payments), the solution allows bank customers to make contactless payments using their digital wallets, linked credit/debit cards, or through direct debits from their accounts.

The solution offers advanced security through three layers of encryption, along with tokenisation, Host Card Emulation and White Box Cryptography to enable secure and convenient payments.


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