Financial transactions through voice are soon going to become a reality. The Reserve Bank has approved ToneTag, a hardware-agnostic sound wave-based technology solution provider for such payments. The company on Tuesday said ToneTag has completed the testing phase of the first squad under the Reserve Bank of India’s (RBI) sandbox for retail payments. The company conducted trials in rural and urban areas of Karnataka and Bihar involving transactions up to Rs 1,000. ToneTag is set to enable digital payments for over 600 million (600 million) feature phone users.
Approved by the Reserve Bank
ToneTag said it has successfully completed offline voice-based payments through feature phones and smartphones in areas with unstable internet connectivity. The Bengaluru-based company said, the technology is already there, we have got the approval from the Reserve Bank, now regulated entities can easily adopt this technology.
Everyone will be able to use it easily
It will benefit those who are not used to using digital platforms or find it difficult to use the app for banking or payments, it said. This new feature will thus make digital payments a reality for all and the technology is now ready for adoption by service providers, the company said.