YES Bank partners with ToneTag for sound-based payments
YES Bank is partnering with start-up ToneTag to allow "offline, proximity-based contactless payments" to be made to its mobile wallet YES Pay. ToneTag's system only requires a microphone and speaker to function, while YES Pay wallet users will be able to make cardless and offline payments.

MUMBAI: YES Bank has tied up with ToneTag, a Mobile payment solutions startup to integrate and deploy sound based contactless payments on its mobile wallet YES Pay. ToneTag uses sound waves to enable offline, proximity based contactless payments and this technology will allow YES Pay wallet users to make 'cardless' and offline payments at merchant outlets through their mobile phone."As IoT sees greater investment, consumers will become increasingly reliant on contactless payments. We are bullish about our alliance with them as we continue to strive in making payments seamless for end users," said Ritesh Pai, Senior President and Country Head for Digital Banking at YES Bank.ToneTag's technology consists a Software Development Kit (SDK) that only requires a speaker and a microphone to work. It can utilize the in-built mic or speaker of any device to enable data transfer through sound waves and hence it supports most existing devices such as PCs, POS, EDC devices and mobile phones including feature phones and wearables."With ToneTag, YES Pay Wallet users can enjoy an NFC-like (Near Field Communication) 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, in a statement.