ToneTag

paymentsproximity mobile paymentssoftware/whitelabel/apis-payments

FOUNDING YEAR: 2014
LOCATION: India
Last Update: 09/07/2020

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About

ToneTag is a secure sound-wave communication technology platform which enables payments and proximity customer engagement services on any device, independent of the instrument or the infrastructure.

MEDICI Analysis

ToneTag is a sound-wave communication tech platform that allows contactless payment using the sound waves on any device, independent of the instrument or the infrastructure. With SDK integration into Merchant (mobile, POS, EDC) and customer interaction points (m-wallet, m-banking apps), users can send and receive payments without any hardware involvement.

Focus

PRODUCTS & SERVICES

ToneTag offers the following solution: 1. ToneTag for Payments: Enables contactless transactions by integrating ToneTag SDK with mobile apps, EDC/POS and ATM machines. 2. ToneTag for Retail: RetailPod helps retailers and merchants collect payment without using cash or card in real time. 3. ToneTag for Mobility: Its mobility solutions help customers to make cashless payments.

REVENUE MODEL

We charge license fee for our product with Payment instrument issuers, while with merchant acquirers, we charge a small fee on every additional transaction we bring.

MAIN CLIENTS

Payu

YES BANK

Mobikwik

EXISTING PARTNERSHIPS

HDFC

ICICI (Pockets)

PRIMARY PROBLEM SOLVED

ToneTag solves the proximity payment problem of the payment ecosystem. Our sound-based payment SDK enables all hardware including EDC, laptop/desktop, and mobile phones to accept digital payments without any hardware upgrade.

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

REVENUE

$100k - $499k in 2016

REVENUE COMMENT:

ToneTag has a hybrid model, where it earns a fixed revenue by way of an annual license fee and transaction revenue out of a cut in MDR.

ACTIVE USERS:

36 million Million in 2016

ACTIVE USERS COMMENT:

ToneTag is a product company and is live with its partner apps like Airtel money, Freecharge, YES Pay, ICICI Pockets. ToneTag technology is presently available to 40 million customers and 25,000 merchants.

TRACTION COMMENT:

ToneTag will be live with at least 5 issuers having more than 80 million customers and nearly 50% of existing merchant ecosystem players in India having more than 500K merchants

People

FOUNDERS

Kumar Abhishek

Vivek Singh

Kumar Abhishek (CEO)

Vivek Kumar Sing (CFO)

BOARD MEMBERS AND ADVISORS

Arun Seth

T.V. Mohandas Pai

Manish Dugar

T. K. Kurien

BS Nagesh

Sridhar Chityala

Anand Chandrasekaran

Pulak Ghosh

Ram Sellaratnam

NUMBER OF EMPLOYEES

11-50

INVESTORS:

3one4 Capital

Aditya Birla Group

Akash Prakash

Akshay Singh

Amazon

Anand Chandrasekhar

Arihant Gajendrakumar Patni

Arun Seth

Bhumija Patil

Country Roads Entertainment & Hospitality

Deepak Ghaisas

Elevate Innovation Partners

Manish Duggar

Manoj Chawla

Mastercard

Mohandas Pai

Neeraj Baghel

Nilesh Trivedi

Rajesh Yohannan

Ram Sellaratnam

Ravi Sharma

Reliance Capital

Reliance Venture Asset Management

Sharat Seth

Suvobroto Sarkar

Tekkethalakal Kurein

The Singapore Fintech Awards

Vikas Verma

KEY EMPLOYEES:

Abhishek Kumar (CEO)

COMMENT:

ToneTag has a 41-member team dedicated to building top-notch proximity technology. The team consists of technical minds with a dedicated research fellow in audio technology,extensive experience in building financial products. ToneTag is mentored,guided by industry veterans who are at leadership roles in the FinTech space.

Momentum

FUNDED

YES

TOTAL FUNDING

$9 M

DATE OF LAST FUNDING

May 2018

FUNDING SERIES

OTHERS  · $9 M · Nov 2016

LISTED

NO

For Investors

FUNDING NEEDED:

$5 M

USES OF FUNDS RAISED:

1. Product development

2. Marketing

BASICS

FOUNDING YEAR:

2014

LOCATION:

India

Views:

336 VISITORS | 683 VIEWS
LATEST FUNDING ROUND

$9 M

TOTAL EMPLOYEES
11-50

About

ToneTag is a secure sound-wave communication technology platform which enables payments and proximity customer engagement services on any device, independent of the instrument or the infrastructure.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

ToneTag is a sound-wave communication tech platform that allows contactless payment using the sound waves on any device, independent of the instrument or the infrastructure. With SDK integration into Merchant (mobile, POS, EDC) and customer interaction points (m-wallet, m-banking apps), users can send and receive payments without any hardware involvement.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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ToneTag

About

ToneTag is a secure sound-wave communication technology platform which enables payments and proximity customer engagement services on any device, independent of the instrument or the infrastructure.

Focus

PRODUCTS & SERVICES

ToneTag is a sound based proximity communication provider that enables contactless proximity communication, contactless payments, location based services and customer engagement services among a multitude of other solutions.

REVENUE MODEL

We charge license fee for our product with Payment instrument issuers, while with merchant acquirers, we charge a small fee on every additional transaction we bring.

TOP PROBLEM SOLVED

ToneTag is built to bridge the last mile in financial inclusion and deliver simple cashless payments. Currently, all mobile payment technologies depend on hardware to some extent. ToneTag is making mobile payments as accessible and frictionless as possible by removing any sort of hardware dependency and by enabling all devices to make payments.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

ToneTag enables contactless payments through sound. The software algorithm (SDK) encodes data into sound waves which could be transmitted using any basic speaker. The only requirement for mobile payments through ToneTag is the integration of the ToneTag proprietary SDK on the merchant (EDC, POS, Phone) and customer (Mobile banking, wallet, payment apps) side. The product is platform independent and is highly scalable and interoperable. ToneTag makes way for proximity communication and data transfer using sound waves. ToneTag technology is a powerful tool that can enrich businesses and help them increase profitability.

KEY DIFFERENTIATORS

ToneTag technology can enable payments through any device like Laptops, PCs, Tablets, EDCs, mPOS, Smartphones and so on. Recently, ToneTag has also announced Global first technology to enable cashless, digital payments from cards and wallets from feature phones without internet. The payments from ToneTag are as easy as making a phone call. It works on existing Infrastructure of merchants without any hardware dependency. ToneTag is the first company on this planet to enable contactless payment acceptance on EDC machine using Sound. Being the first mover, ToneTag is certainly poised to be a leader in sound based contactless payment.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Enterprise - Others

Small and Medium Business - Physical Retail

PRODUCT ATTRIBUTES

Other

STRATEGIC CLIENTS AND PARTNERSHIP

Yes Bank : Enabled sound payments in Yes Pay Wallet

ICICI Bank Limited : Enabled mobile wallet and UPI apps with Tonetag feature

Airtel : Enabled Airtel money for sound based offline payments

Bank of Baroda : Enabled sound payments in Bank of Baroda M-Connect

Freecharge : Enabling their wallet with ToneTag feature

People

FOUNDERS

Kumar Abhishek

Vivek Singh

Kumar Abhishek (CEO)

Vivek Kumar Sing (CFO)

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO, FOUNDER: Kumar Abhishek

CTO: Kumar Abhishek

CMO: Sudeshna Singh

COO: Gourab Mitra

CRO: Himaghna Dey

FOUNDER: Vivek Singh

employee: Abhishek Kumar (CEO)

FOUNDER: Kumar Abhishek (CEO)

FOUNDER: Vivek Kumar Sing (CFO)

TEAM COMMENT:

At ToneTag , we are 42 member team dedicated towards building top notch proximity technology . The team consists of technical minds with a dedicated research fellow in audio technology,extensive experience in building financial products. We are mentored,guided by industry veterans who are at leadership roles in Fin Tech space.

BOARD MEMBERS AND ADVISORS:

Arun Seth, T.V. Mohandas Pai, Manish Dugar, T. K. Kurien, BS Nagesh, Sridhar Chityala, Anand Chandrasekaran, Pulak Ghosh, Ram Sellaratnam

INVESTORS:

3one4 Capital

3one4 Capital

3one4 Capital

3one4 Capital

Aditya Birla Group

Akash Prakash

Akshay Singh

Amazon

Amazon

Amazon

Amazon

Anand Chandrasekhar

Arihant Gajendrakumar Patni

Arun Seth

Bhumija Patil

Country Roads Entertainment & Hospitality

Deepak Ghaisas

Elevate Innovation Partners

Manish Duggar

Manoj Chawla

Mastercard

Mastercard

Mastercard

Mastercard

Mohandas Pai

Mohandas Pai

Mohandas Pai

Mohandas Pai

Neeraj Baghel

Nilesh Trivedi

Rajesh Yohannan

Ram Sellaratnam

Ravi Sharma

Reliance Capital

Reliance Capital

Reliance Capital

Reliance Venture Asset Management

Sharat Seth

Suvobroto Sarkar

Tekkethalakal Kurein

The Singapore Fintech Awards

Vikas Verma

Momentum

FUNDED

YES

TOTAL FUNDING:

$100 K

LISTED

NO

FUNDING SERIES