mPoS devices to soon have sound-based contactless payment option
- Opening bell: Asian markets rise; TeamLease, Jaiprakash Power, Mahindra Finance in news
- Kansai Nerolac: overhang of higher input costs remains in Q2
- How India stacks up against peers on fiscal parameters
- Bajaj Finance: milking the consumption story yet again
- Colgate-Palmolive: weaker-than-expected recovery in wholesale trade
New Delhi: In a move aimed at offering new solutions to increase the adoption of digital payments, sound-based contactless payments will soon be introduced as an option on mobile point of sale (PoS) devices.
A mobile PoS is a smartphone, tablet or wireless device which performs the same function as that of an electronic PoS terminal. For using mobile PoS, the merchant has to download a mobile app and attach the device to a card reader to carry out transactions.
“We are in talks with technology providers like Tone Tag to introduce voice-based contactless payment solution on our mobile app which acts as the mPoS. The idea is still at a nascent stage now although we have had several rounds of discussion with our technology partner,” said Rajesh Khanchandani, head - marketing, digital and business development at Bijlipay, a digital payment solutions company.
Once this option is enabled, users can pay through an encrypted sound wave generated by the app.
“We want to equip POS systems with new and innovative experiences for the consumer, with our technology. We are in initial level of discussions regarding integration in Bijlipay and planning the roll out to happen in August,” said Himaghna Dey Sarkar, vice-persident and head of business development at ToneTag.
Tone Tag is a proximity communications firm with a technology that uses sound waves to enable offline, proximity-based contactless, cashless and cardless payments from one mobile phone to another or any other computing device.
The sound waves are encrypted with multi-layer security so that the data transferred through the sound waves or tone cannot be decrypted. The technology works on noisy environment as well, claims Tone Tag.
“We have just launched BharatQR for PoS and are looking at newer solutions to cater to the section that is still unbanked and also where hardware and data availability is an issue,” added Khanchandani.
Earlier this month, BharatQR code was introduced on stand-alone PoS machines, the first-of-its-kind facility by Bijlipay.
The company also has plans to replicate it on mPoS devices, enabling merchants to receive payments via an app without the need of even a card reader.