Infosys to offer a sound-based contactless payment solution for bank customers using its financial product, Finacle. 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.
With this partnership, Finacle and ToneTag will offer a joint arrangement that will use the latter’s sound wave technology to empower proximity payments and interactions.
The solution will enable customers to make payments by tapping their cell phones connected through Finacle mobile banking and Finacle digital wallet at merchant locations, offering contactless payments without any hardware device.
The sound-based technology will help in exchange of information required for payment processing between the point-of-sale machines and consumers’ phone.
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Customers can simply approve the transaction on their phone without sharing the card details or account information with the dealer.
The contactless technology from ToneTag joined with biometrics authentication capacities of financial solutions such as the fingerprint or facial recognition, will empower purchasers to have a totally frictionless experience while shopping.
Security is achieved using three layers of encryption, along with tokenization, Host Card Emulation and White Box Cryptography enable secure and convenient payments.
The one of a kind part of this solution is that the sound based contactless payments can be offered on all smartphones and feature phones.
This solution will allow the customers to purchase using their digital wallets, linked credit/debit cards, or through direct debits from their accounts.