Indian IT services provider Mphasis has partnered with ToneTag, a sound based proximity communication provider, to develop a range of digital banking and payments solutions.
As part of the agreement, Mphasis will collaborate to build solutions and be an integration partner for ToneTag’s sound based technology globally.
The two companies will develop contactless proximity communication, location based services and customer engagement services.
ToneTag and Mphasis intend to bridge the online and offline spheres through this partnership.
"The partnership aims to enrich the retail experience in the offline establishments of both banking as well as commerce industries. With this, Mphasis will be providing ultra-modern omni-channel customer engagement and frictionless checkout solutions to benefit physical outlets, dealerships, bank branches as well as experience stores," Mphasis said in a statement.
Mphasis head of banking & capital markets, retail and logistics client delivery Georg Lehmann said: "Today’s customers give a great deal of importance to their overall retail experience. The rise of mobile/smartphone usage, internet penetration and e-commerce means that consumers are now used to a seamless online shopping experience.
"ToneTag provides us with the technology to make such an experience available to the broadest possible audience, without the restrictions of proprietary payment technologies."
"Our partnership with ToneTag is critical as their adoption of blockchain technology to enhance security of mobile payments also aligns with our intent to explore and experiment with blockchain technology to build relevant solutions for our global banking clients. ToneTag’s sound wave technology offers an additional layer of security and fraud-proofing that our banking and retail clients are demanding," he added.
ToneTag CEO Kumar Abhishek said: "We’re delighted by the technological partnership with Mphasis as our products perfectly complement each other. Physical retail has been slow to adapt to changing market conditions, especially when you look at competition from other channels such as e-commerce. The banking industry has also been wary of change. With this partnership we wish to enrich these sectors and bring about a better user experience for all involved."