Given the widespread success of Apple Pay, which was originally unveiled to the general public in 2014, it was only a matter of time before some genuine competition started to surface. Enter the small startup firm known as Tonetag, an endeavor headquartered out of India that hopes to bring wireless payment solutions into the mainstream. In order to do so, the team with ToneTag has already secured $1 million in funding. The majority of this capital will be used to bolster technical support, sales and marketing teams on behalf of ToneTag.
ToneTag's solution attempts to increase accessibility to wireless payment options by working with any mobile operating system, including iOS, Windows, Android, Linux and Blackberry. It works at point-of-sale terminals as well. Moreover, ToneTag also works with any digital wallet, which makes it great for those who have embraced next-gen currency such as Bitcoin, Dogecoin, Litecoin, Ethereum and others.
However, ToneTag's system was lacking some key security features. In a recent attempt to fix the problem, the developers behind ToneTag have introduced a dedicated blockchain algorithm as a means of enhancing security of their contactless payment solution.
Kumar Abhishek, current CEO of ToneTag, spoke about the flexibility in a recent interview. He said: " Our technology provides tools to all stakeholders – merchants, issuers, acquirers, and consumers – to realize frictionless in-store and in-app mobile payments."He went on to say: "You can just download the ToneTag app and in five minutes, you are good to go."
Abhishek, touted his company in a recent interview by saying: "ToneTag has always been at the forefront of disruptive technology in the fin-tech space. Blockchain technology has the potential to completely redefine the way transactions take place as it brings unprecedented advancements in fraud prevention."
This kind of technology is a huge leap forward, especially in India where many retailers don't even have the proper infrastructure in place to accept credit card payments let alone Apple Pay. In a region that relies primarily on cash transactions, a solution such as ToneTag can go a long way in securing both the physical and virtual economies of India.
Although it's only been a few short years since it was introduced to the public, ToneTag is already drawing attention from all over the globe. Apart from being named India's Fastest Growing Technology Company by Great Tech Rocketships, ToneTag also ranked as a finalist in New York's Citi Mobile Challenge.
Currently, ToneTag is limited to a relatively small trial phase in India. It is now in use at four separate banks in the region as well as three global banks, which includes locations in London, the Middle East and the Asia-Pacific region. ToneTag has a total of 14 partners at the time of this writing, but they're aiming to reach a total of 34 partners within the next two years. Targeted companies include those in the e-commerce and mid-market retail sectors.
If you want to learn more information about ToneTag and the wireless, sound-based payment solutions they provide, please visit their official website at www.tonetag.com to get started today.
ToneTag Ramps Up Security of Contactless Payment Solution
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