VMPL
New Delhi [India], October 10: ToneTag, a voice-based commerce and payments company, has unveiled a revolutionary IoT Node a.k.a soundbox that is reshaping the Indian payments landscape. This innovative device goes far beyond traditional soundboxes, offering a comprehensive payment solution at a fraction of the cost of conventional card machines - "Think everything a card machine can do and more, at the cost point of a soundbox !!"
India today have more than 45 million retail merchants who need a digital payment acceptance device and will immensely benefit from using ToneTag's IoT node, ----Tell about the node ----the technology boasts a significant user base as it breaks away from the limitations of competitor devices by processing payments locally. This eliminates reliance on constant server communication, resulting in 99% reliability at a significantly lower cost (20% of typical processing fees). ToneTag's solution also boasts superior versatility, accepting UPI and tokenized cards.
"Our soundbox empowers merchants with valuable data insights and contactless payment options, all at a disruptive price point," says Kumar Abhishek, Founder & CEO, ToneTag.
ToneTag's soundbox goes beyond enabling simple transactions by capturing detailed data on transaction frequency, notification latency, connection strength, and more. This empowers partners to provide targeted services and support to merchants. Additionally, if plugged to the billing system the device captures SKU-level data and customer purchases, enabling personalized offers and data-driven business insights.
With regard to innovation, the soundbox's unique location telematics feature creates opportunities for location-based services and targeted marketing. With this feature, some partners have seen their app usage increase dramatically (from 20% to 44% in stores). ToneTag's IOT nodes goes a step further by connecting to the Open Network for Digital Commerce (ONDC), allowing merchants to tap into e-commerce opportunities seamlessly, eliminating the need for additional investments.
Unlike competitors who rely on third-party manufacturers, ToneTag owns the IP for its hardware and software. This control allows for faster product launches and better compliance management, giving its partners a competitive edge in a rapidly evolving regulatory landscape. Furthermore, the soundbox offers contactless payments at no additional cost, eliminating the need for expensive NFC components required by competitors.
ToneTag's IoT soundbox is poised to revolutionize the Indian payments landscape. By offering unparalleled features and functionality at a disruptive price point, this technology empowers merchants, streamlines operations for payment providers, and has the potential to accelerate digital payment adoption across the nation significantly.
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