ToneTag, India’s fastest-growing voice-based commerce and payments solution provider successfully participated and won in two categories in RBI’s First Global Hackathon Harbinger Winners, “HARBINGER 2021 – Innovation for Transformation”. The Bangalore-based company uses audio technology to enable voice-based communication and payment services, has aced two categories – Non-mobile Digital Payment Solutions and Context-based Retail Payment Solutions. The event registered participation from 363 organisations globally with only 24 making it to the final round.
What was RBI’s First Global Hackathon about?
As India witnessed significant growth in terms of digital payments, the aim of the first-ever global hackathon by RBI was to discover and support the business models that have the potential to make digital payments accessible to the underserved, improving payment convenience and enriching user experience while enhancing security.
What is ToneTag, the Winner of the Competition?
The winners in each category were selected on the basis of problem comprehension, inventiveness, solution comprehensiveness, ease of implementation, demonstration/user experience etc. ToneTag won in two categories, namely:
Non-Mobile Digital Payment Solutions – ToneTag’s Plug & Play acoustics omnichannel solution provides a faster and autonomous payment and checkout experience to businesses and customers alike with its ground wrecking audio and voice technology. This solution enables customers to make secure and reliable peer-to-peer (P2P) or peer-to-merchant (P2M) payments on any mobile device using their voice in any language and dialect. It generates an identification code that is unique to the customer’s voice which is then used for authenticating payments.
Context-Based Retail Payment Solutions – ToneTag’s Plug & Play Zone is engineered to create a virtual area or ‘Sound Zone’ inside a store that can be detected by the customer’s mobile phone. The hardware-agnostic audio and voice technology enables sound based proximity engagements and payments that are contactless, frictionless and secure. The customer can simply use their voice to select products, find their location in the store and pay the bill without having to physically interact with any store staff or cashiers. The module operates on tokenized data followed by audio encryption frameworks that allow for a completely secure transaction process.
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RBI’s First Global Hackathon Harbinger Winners: FAQs
ToneTag, India’s fastest-growing voice-based commerce and payments solution provider are the RBI’s First Global Hackathon Harbinger Winners.
The winners in each category were selected on the basis of problem comprehension, inventiveness, solution comprehensiveness, ease of implementation, demonstration/user experience etc.
The aim of the first-ever global hackathon by RBI was to discover and support the business models that have the potential to make digital payments accessible to the underserved, improving payment convenience and enriching user experience while enhancing security.
The Full name of the competition is “Harbinger 2021 – Innovation for Transformation”.
ToneTag has aced two categories – Non-mobile Digital Payment Solutions and Context-based Retail Payment Solutions.