ToneTag announces strategic fundraising

ToneTag, a sound-based proximity payment company has announced strategic funding from Arun Seth, TV Mohandas Pai, Deepak Ghaisas, Anand Chandrasekaran and TK Kurien. Speaking about fundraising, Kumar Abhishek, Founder & CEO, ToneTag said, "ToneTag is creating a payment ecosystem for the country that is completely digital and is free from the clutches of cash. ToneTag with its unique experience, a range of use cases and a strong partner network is striving to push India into a digital era. Mohandas Pai, Arun, Deepak, Anand and TK have transformed several businesses with their proficiency and experience. Their association with ToneTag, brings valuable know-how and will be an asset to the core team.” Pranav Pai, on behalf of Mohandas Pai via 3one4 Capital said, "By accounting for multiple channels of contactless proximity payments, including environments where data connections are unavailable, ToneTag is truly optimizing for simplicity and designing for a seamless and delightful experience with every transaction. The team is also hyper-aware of the balance to be preserved between issuers and merchants, and has converged upon an inter-operable and platform-agnostic solution. We are tremendously excited by the possibilities of the ToneTag tech stack, and we are looking forward to working with them to scale this vital value proposition." ToneTag technology plays to the natural power of the phone to generate and receive audio signals. As a result, ToneTag payments can be made on smartphones as well as feature phones, the latter being critical for financial inclusion.

ToneTag does not need NFC compatible hardware or QR codes to be scanned. ToneTag is fully compatible with existing financial infrastructure like credit card machines and ATMs so it has universal use and will help drive India to a cashless and careless economy.

ToneTag has partnered with major players in the areas of mobile wallets and banking to enable contactless digital transactions on mobile phones, card swiping machines, ATMs and all other acceptance enabling devices. ToneTag is completely hardware and platform independent and works via the transmission of sound waves, alone. It requires no special hardware to be deployed.