Bengaluru: ToneTag, a Bengaluru-based mobile payment technology provider, raises $1 million in a funding round led by Reliance Venture Asset Management. The company plans to expand their technical and sales teams and improve their marketing strategies using the freshly raised capital.
ToneTag, owned and operated by Naffa Innovations Pvt. Ltd. was founded in 2014 by Kumar Abhishek, a former Infosys employee. Through ToneTag, the users can make mobile payments using sound or NFC (Near Field Communication), thereby empowering the users to make payments through any mobile even without internet connection. It allows the users to make payments in the existing payment ecosystem by integrating its software developing kit (SDK) at merchant and customer interaction points.
Unlike NFC or QR Codes, ToneTag operates on all mobile devices including the low end feature phones and is not hardware dependent. It does not require any capital investment in the existing infrastructure. The company is also planning to release a mobile app that will enable the sellers to make their payments via mobile devices using sound waves or NFC with the help of Radio Waves, in the days to come.