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ToneTag completes RBI’s first cohort of voice-based retail payments

ToneTag has successfully completed the Reserve Bank of India’s first cohort for voice-based retail payments.

It has executed offline voice-based payments via feature phones and smartphones in areas with inconsistent internet connectivity, with people who are digitally not savvy or find it difficult to use apps for banking or payments, making digital payments a reality for all, it said in a statement on Tuesday.

The technology-led payments revolution

With this technology, the company said it hopes to drive financial inclusion across geographies and make digital payments convenient and available for everyone with a mobile phone of any make or model.

72% of payments happen digitally for MSMEs vs 28% cash: Report

“The success of our technology in the cohort will not only bring rural India into the digital payment ecosystem but will also bridge the gap between conventional and futuristic payment options for millions of customers who currently don’t have access to digital payment services,” said Kumar Abhishek, Founder, and CEO, ToneTag.

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