ToneTag’s edge computing innovation to shape the next phase of digital payments growth
Bangalore-based ToneTag has established itself as a global leader in the field of contactless proximity payments. With a staggering 75+ million customers and over 1 million merchants served across India, the Middle East and Southeast Asia. ToneTag has cemented its position as a global leader leveraging patented sound wave technology for secure, digital transactions in proximity.
Capitalizing on the first mover advantage, ToneTag introduced many tech-infused solutions into the market starting with contactless payments, Soundbox with integrated ONDC feature to help retail stores accept digital orders, voice-assisted and internet-independent payments, impressive Sound-Zone in stores for a fully voice-assisted pre purchase experiences. ToneTag is also credited with introducing conversational payments on UPI for an elevated user experience.
Future growth plans anchored on Edge Computing and Contextual AI
ToneTag is now introducing Edge Computing to strengthen its proximity payments solutions, a paradigm that involves processing data closer to the source of generation rather than relying solely on centralized servers or cloud infrastructure. By bringing payment processing to the edge, ToneTag mitigates common issues such as network delays, server downtimes, and connectivity constraints, delivering swift and dependable transactions regardless of the infrastructure quality or network status.
“Our vision creates a truly connected world where devices communicate seamlessly, without infrastructure constraints and providing elevated user experience,” shares Kumar Abhishek, CEO and Founder of ToneTag. “While India processes 10 billion UPI transactions monthly, even small transactions of Rs.10 navigate four plus server hops, exposing infrastructure issues. Edge computing can processes these transactions locally and send confirmation to nearby devices securely via soundwaves or NFC hence ensuring faster and reliable transactions.”
The fusion of edge computing and contextual AI enables intelligent payment orchestration at physical retail stores. Contextual AI understands user behaviour and preferences well before actual purchase happens allowing enough time for partner apps to provide personalise payment experiences, better credit facility as well as real-time discount curation.
ToneTag’s solutions integrate seamlessly across touchpoints – retail outlets, car dashboards, EV charging stations, vending machines or consumer appliances like TVs, and refrigerators – unlocking innovative payment services. “By leveraging edge computing and contextual AI, we empower businesses scale adoption of digital transactions, propelling a cashless economy,” Kumar adds.
Remarkable success as a key player
With strategic partnerships with industry leaders like ICICI Bank, Amazon, Google, HPCL, SBI, Yes Bank, Airtel, NSDL, IDFC, NPCI and more, ToneTag has scaled to 1 million merchants targeting over a million more merchants in the next 6 months. ToneTag witnessed a remarkable 400% growth in revenue and aiming for an ambitious 300x surge this year too
With its mission to help the world embrace and adopt digitization, ToneTag’s cutting-edge solutions are driving transformation through serverless edge computing, location-aware contextual AI, and app-less conversational payments
About ToneTag:
ToneTag is a voice-first communication technology platform that enables cashless payments and proximity engagement services to individual users as well as merchants. ToneTag provides users with a highly secure communication channel that is independent of any instrument or infrastructure, making it highly scalable and interoperable. They are also the proprietor of other sound-based payments and engagement solutions, such as non-mobile digital payments and context-based solutions. Non-mobile digital payments are essentially digital, cashless payments made over voice with the help of voice assistants like Alexa, Siri, and others. With 32 filed patents and 17 grants, the company has strong IP assets and has been working with RBI, NPCI, Amazon Pay, ICICI, SBI, Gpay, Verifone, and Mastercard, among others
