Mphasis, a leading IT services provider, and ToneTag, a sound based proximity communication provider, announced a strategic partnership to provide a range of digital banking solutions for the banking and retail industries. As part of the agreement, Mphasis will collaborate to build solutions and be an integration partner for ToneTag’s sound based technology globally to enable contactless proximity communication, location based services and customer engagement services among a multitude of other solutions.
Through the partnership, ToneTag and Mphasis will bridge the online and offline spheres. The partnership aims to enrich the retail experience in the offline establishments of both banking as well as commerce industries. With this, Mphasis will be providing ultra-modern omni-channel customer engagement and frictionless checkout solutions to benefit physical outlets, dealerships, bank branches as well as experience stores.
“Today’s customers give a great deal of importance to their overall retail experience. The rise of mobile/smartphone usage, internet penetration and e-commerce means that consumers are now used to a seamless online shopping experience. ToneTag provides us with the technology to make such an experience available to the broadest possible audience, without the restrictions of proprietary payment technologies,” said Georg Lehmann, Senior Vice President and Head – Banking & Capital Markets, Retail and Logistics Client Delivery
He added, “Our partnership with ToneTag is critical as their adoption of blockchain technology to enhance security of mobile payments also aligns with our intent to explore and experiment with blockchain technology to build relevant solutions for our global banking clients. ToneTag’s sound wave technology offers an additional layer of security and fraud-proofing that our banking and retail clients are demanding.”
Kumar Abhishek, CEO at ToneTag, said “We’re delighted by the technological partnership with Mphasis as our products perfectly complement each other. Physical retail has been slow to adapt to changing market conditions, especially when you look at competition from other channels such as e-commerce. The banking industry has also been wary of change. With this partnership we wish to enrich these sectors and bring about a better user experience for all involved.”
About Mphasis
Mphasis enables chosen customers to meet the demands of an evolving market place. Recently named by American Banker and BAI as one of the top companies in FinTech and as the “Most Distinguished Digital Company in 2015” by The Economic Times, Mphasis fuels this by combining superior human capital with cutting edge solutions in hyper-specialized areas.
About ToneTag
ToneTag is a product first company driven to realize mobile payments and revolutionize the payment ecosystem with their innovations. We believe mobile payments need to be easier, more secure and more accessible than traditional payment methods and we work to bridge the last mile in payments. Our technology uses sound waves to enable contactless, offline, proximity payments on any device. Mobile payments are finally taking hold and ToneTag is transforming the way offline payments are going to take place in the near future.
