Payments company ToneTag raises a second round of funding
Summary
Sound-based proximity payments company ToneTag has raised an undisclosed amount in a round of funding from strategic investors (listed below). The company has a partnership with YES Bank for sound-based proximity payments on their mobile wallet YES PAY. The company says that it will have more than 25,000 merchants on its platform by December and will hit more than 3 lakh acceptance points next year. Abhishek also added that the company has applied for a patent for a new contactless payment technology which uses light from a device as a communication protocol. Abhishek added that it could find use cases in restaurants where a user could place a device in between light and could order.
Funding
Amount
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Total raised
Date
November 10, 2016
Announcement date
Investors
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Lead investors
Company
http://www.tonetag.com/
Funded company
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