Yes Bank partners ToneTag for sound based payments

Yes Bank has tied up with ToneTag, a proximity communication company to integrate and deploy sound based contactless payments on their mobile wallet Yes Pay.

The technology will allow Yes Pay wallet users to make ‘cardless’ payments at merchant outlets through their mobile phone.

Yes Pay wallet is Yes Banks digital wallet that enables smartphone users to send and receive money, split bills, budget, recharge mobile or DTH subscriptions, make utility bill payments and shop online.

The ToneTag patented software development kit (SDK) supports any hardware, the only prerequisite is the integration of the ToneTag SDK at both merchant (POS or mobile devices) and customer interaction points (mobile apps). The SDK contains features such as patented noise filters, three levels of encryption, tokenization, white box cryptography and multi-factor authentication to ensure security and reliability.

Ritesh Pai, senior president & country head - Digital Banking, Yes Bank said, "Contactless payments based on sound tones is something we havent seen before and is a very interesting concept brought by ToneTag. ToneTag is our bet at making Yes Pay Wallet future-ready. We are bullish about our alliance with them as we continue to strive in making payments seamless for end users."

"With ToneTag, Yes Pay Wallet users can enjoy an NFC like payments experience without the associated hardware dependencies, which is a significant improvement over current technologies such as QR codes that are being used in the market for in-store payments" said Kumar Abhishek, CEO, ToneTag.