After going through the era of paper money to plastic money, now enjoy the era of Contactless Payments. Because, in this journey, Infosys Finacle announced a partnership with ToneTag to provide payments solution using sound waves. A joint solution of Finacle and ToneTag partnership will take the advantage of the latter’s sound wave technology to enable proximity payments and interactions.
Sanat Rao, Chief Business Officer, Infosys Finacle stated:
In the emerging NFC-based payments ecosystems driven by Apple and Samsung, banks are being relegated as the back-end payment utility provider. The sound wave based proximity payments solution by ToneTag offers a significant opportunity for banks to gain control of the last mile payment experience, without making substantial capital investments. We are glad to bring this promising startup to our client ecosystem.
Contactless Payments Highlights
- With this solution, banks will be able to offer contactless payments on traditional Point-of-Sale machines without adding any new hardware device.
- The solution will make payment easier at the merchant location. At the time of payment, the sound based technology will enable exchange of essential information for payment processing such as merchant id, device id, transaction reference number and amount, between the Point-of-Sale machines and consumers’ smart phones or feature phones. Basis this information, consumers can approve the transaction on their phone, without sharing the card or account information with the merchant.
- 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 recognized 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 tokenization, Host Card Emulation and White Box Cryptography to enable secure and convenient payments.
Kumar Abhishek, Founder of ToneTag has stated for sound-based payments:
Customer experience, security and interoperability will continue to be key for financial service applications. ToneTag brings all of these to the forefront and integration with Infosys Finacle will place our innovation into the hands of more than 800 million consumers across 94 countries.
Infosys Finacle & ToneTag
- Infosys Finacle is the part of EdgeVerve Systems, an owned subsidiary of Infosys; which provides various banking solutions like: Retail Bank, Commercial Bank, Universal Bank, Community Bank, Islamic Bank, Payments Bank, and more.
- ToneTag is a provider of near-field communications (NFC), payments and location based services using sound waves.