Infosys Finacle, a subsidiary of Infosys and part of EdgeVerve, has entered into a partnership with mobile payment solutions provider ToneTag to provide sound-based contactless payments solution.
The joint solution will use the sound wave technology to enable payments and interactions within the proximity.
The new payments solution will allow banks to offer contactless payments to its users through digital wallets, linked credit/debit cards, or direct debits from their accounts on traditional point-of-sale machines without the need of any extra hardware device.
The technology will feature biometrics authentication capabilities allowing consumers to quickly authenticate themselves and transact at bank branches, ATMs and retail outlets.
The voice based payments solution is delivered through Finacle Mobile Banking and Finacle Digital Wallet and will be supported on all smart phones and feature phones.
ToneTag CEO Kumar Abhishek said: “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.”