Contactless payment provider ToneTag said to bag $1.33m

Contactless payments provider ToneTag has reportedly picked up a $1.33m funding round.

The capital was supplied by Tropical Star, according to a report by Inc 42. The investment brings the India-based company’s total funding efforts to $2.3m, with ToneTag nabbing $1m from Reliance Capital in 2015, the article states.

ToneTag is uses sound-wave communications to enable payments and proximity customer engagement services on any device. The solution works by encoding data into sound waves which are transmitted between devices. To ensure security the information has three encryption layers using blockchain and tokenisation.

The company’s technology enables mobile apps, POS terminals and ATMs to accept contactless payments through sound, without any hardware upgrades.

ToneTag also helps to boost customer engagement, with its technology able to locate a customer’s exact position in a store, as soon as they enter. This then pulls up the customers data such us loyalty status, previous interactions, demographic, which can then be used to offer personalised offers and information.

Last week a handful of India-based FinTech companies received new waves of funding. Among the transactions were financial wellbeing mobile app IndianMoney.com’s $3m investment and expense management platform Happay’s $10m Series B.

The Asia-based payments company saw a rise in deal numbers over the first three quarters of 2017, but this trend was not seen in the amount invested.

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