In an exclusive interview with TimesTech, Mr. Kumar Abhishek, CEO and Founder of ToneTag, delves into the transformative potential of their sound-based payment technology. From revolutionizing offline retail spaces to addressing internet connectivity challenges, he discusses ToneTag’s innovative solutions and robust security measures amidst global expansion efforts.
Read the full interview here:
TimesTech: Can you elaborate on how ToneTag’s sound-based contactless payment technology works and what sets it apart from other payment solutions in the market?
Mr. Kumar: ToneTag stands at the forefront of innovation with its groundbreaking hardware-agnostic sound wave platform, reshaping the landscape of payments and commerce. This platform seamlessly integrates cutting-edge technologies such as conversational payments, edge-based computing, and contextual intelligence, offering a revolutionary plug & play acoustic omnichannel solution. Businesses and customers alike benefit from a faster, more autonomous checkout experience, empowered by ToneTag’s technology. Beyond just facilitating sound-based payments, ToneTag’s suite of features includes advanced capabilities like data transfer through soundwaves, acoustic analysis for precise location determination, and audio identity establishment for enhanced security. This comprehensive approach not only streamlines transactions but also enhances overall convenience and efficiency for users across various touchpoints.
TimesTech: Could you discuss some of the specific use cases where ToneTag’s technology has been successfully implemented, particularly in offline retail spaces?
Mr. Kumar: ToneTag’s technology has successfully revolutionized offline retail spaces with various impactful use cases. Notably, the integration of smart IoT devices, such as RetailPod / Soundbox, has enabled diverse payment methods like UPI, UPI123Pay, CBDC, and pay-later options, while also fostering customer engagement during in-store visits. The implementation of ToneTag’s payment orchestration solution, has streamlined transactions, converted regular visits into credit or subscription-based transactions, and facilitated intelligent payment selections. Additionally, Commerce Orchestration, powered by IKSHANA, (ToneTag’s payment and commerce-specific Large Language Model (LLM), seamlessly integrates offline-to-online (O2O) experiences over both app and voice interfaces, has connected merchants and consumers seamlessly, providing valuable data insights and enabling digital orders through extensive consumer bases, marking a significant transformation in offline retail experiences.
TimesTech: With the increasing focus on digital payments, what challenges did ToneTag face in promoting its technology, especially in regions where internet connectivity may be limited?
Mr. Kumar: ToneTag’s sound-based technology presents a unique proposition as it can also operate independently of the internet. This feature addresses obstacles such as infrastructure limitations and concerns about internet connectivity, making it also advantageous in areas where digital payments are less prevalent.
TimesTech: How does ToneTag ensure the security and reliability of its payment technology, particularly in environments prone to fraud or cyber threats?
Mr. Kumar: To enhance security, ToneTag incorporates secure elements into its sound boxes (payment accepting device) bolstering encryption protocols, tokenization, and authentication mechanisms. These elements provide an added layer of protection, alongside regular security audits, compliance with industry standards, and advanced fraud detection techniques.
TimesTech: As ToneTag expands its presence globally, what strategies are in place to adapt its technology to diverse regulatory environments and consumer preferences?
Mr. Kumar: ToneTag employs a flexible and adaptive approach to navigate diverse regulatory landscapes and cater to varying consumer preferences globally. The company prioritizes thorough market research and compliance assessments before entering new regions. Through strategic collaborations and partnerships with local entities, ToneTag tailors its technology to align with specific regulatory requirements and cultural nuances. The platform is designed to accommodate multiple payments & commerce methods, ensuring flexibility to meet diverse consumer preferences.
