Infosys Finacle Partners with ToneTag to Offer Sound-Based Contactless Payments Solution

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced a partnership with ToneTag, a provider of near-field communications, payments and location based services using sound waves.

Through this partnership, Finacle and ToneTag will offer a joint solution that will leverage the latter’s sound wave technology to enable proximity payments and interactions.

Leveraging this joint solution, banks will now enable their consumers to authenticate themselves and transact at bank branches, ATMs and retail outlets, in a highly secure, fast and seamless manner. Consumers can make payments with a tap of their phone, which will expedite the checkout process at merchant location, and improve the overall shopping experience.

Delivered through Finacle digital banking solutions such as Finacle Mobile Banking and Finacle Digital Wallet, the solution will be available on all kinds of mobile devices, including feature phones.

ToneTag is one of the companies that was recognized in the recently concluded chapter of Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new FinTechs.