“Why is it in India we get candies instead of balance cash?” asked a Singaporean friend to Kumar Abhishek. Like many of us even Kumar didn’t think much about ‘candy for a balance penny’ phenomena until his friend asked him for a reason. But after giving a thought to it, he looked at it as an opportunity. An opportunity in a place where some have advanced to cashless transactions and mobile wallets, while the rest are yet to even reach card transactions.
Thus began the journey in March 2012, when Kumar along with his friend, Vivek started to research on ‘How to enable small payment through mobile.’
Prior to their launch in 2013, the duo prepared a rough working model. They went around many cities and rural towns to get right model for their product.
With the network and mobile connectivity problems, they realised the need to use an offline model of payment. They found that conventional offline mobile payments can be done via:
Magnetic waves (where someone is swiping the card)
Radio waves (where someone is using NFC or RFID)
and thus they decided to build ToneTag, a contactless payment app that uses sound waves to enable offline, proximity-based contactless payments on any device.
Kumar brings his extensive experience on Large Scale, Multi-Country, Core Banking Implementations, both on Mobile and Internet Banking areas. Prior to ToneTag, Kumar worked for Core Banking at Infosys and as a Senior Engineer with MindTree. Vivek on the other hand was pursuing his career in Chartered Accountancy under the mentorship of Yogesh Andlay. His experience with legal frameworks and company incorporation is an asset to the company.
ToneTag in its initial journey has partnered with 14 Customers (banks, mobile wallets, and payment service providers) across India, Southeast Asia, Europe and Middle East. They have also raised a Series A funding of $1 Million from Reliance Capital Venture in July 2015.
In the next two years, ToneTag aims to partner with 34 large format and mid-market brand stores, merchant acquirers, 14 large e-commerce companies for COD transactions, 26 Issuers with 80 million customers.
Read More on how this technology can revolutionize the way we make our daily payments. You can also visit their website here, which is #YetAnotherAdamsCreation, to get in depth knowledge and avail their services.
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