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Technology Other News 30 Jul 2019 3 Brands reshaping t ...

3 Brands reshaping the payment method by using unique technology

DECCAN CHRONICLE
Published Jul 30, 2019, 8:35 pm IST
Updated Jul 30, 2019, 8:35 pm IST
Digitization of payment services has witnessed a boon for businesses.
It is estimated that within the next four years, nearly 60 per cent of India’s GDP will have direct connection with digital transformation trends. (Photo: Pixabay)
 It is estimated that within the next four years, nearly 60 per cent of India’s GDP will have direct connection with digital transformation trends. (Photo: Pixabay)

India is undergoing a revolution at this very moment, where fintech is one of the enablers to help evolving financial services across the globe. Currently, the payment space stands one of the leading use cases of Fintech.

Digitization of payment services has witnessed a boon for businesses. While traditional banking and financial institutions continue catering to a wide distribution network across the country, the dynamics are changing rapidly.

 

It is estimated that within the next four years, nearly 60 per cent of India’s GDP will have direct connection with digital transformation trends. Fintech players are actively providing technologies & easy ways for people to switch from traditional infrastructure of payment sector.

ToneTag: Backed by Amazon & Mastercard, ToneTag is a global technology solution provider, harnessing the power of ‘Sound’ for contactless payments. The technology uses sound waves to enable contactless, offline and proximity data communication on any device. Being a software element, it can easily be integrated into existing devices, making it highly compatible and accessible to everyone. The technology is compatible to both feature & smartphones. Transactions are highly secure and frictionless, creating a seamless experience for users. ToneTag is revolutionizing the payment ecosystem with a simple but robust technology.

Android Pay: Android Pay is the most popular digital wallets. Any person who has this particular app on his Android smartphone can essentially pay with a simple tap against a particular point of the sale terminal that has NFC. The given list of countries to provide support to Android Pay has grown tremendously in the last two years. There are a lot of companies and vendors which has teamed up with this app to make the use of this touch and pay app functionality. Most of the stores are now offering tap and pay customized apps to their customers.

OmegaOn: OmegaOn has launched the Unified QR Payment service under its brand OmegaPay which lets vendors and retailers use just one QR code through which they can accept payments from customers using any kind of UPI App. Also, they have recently come up with PhotoClickPay, a payment product that simplifies mobile wallet transactions by keeping the UX simple and using photographs to help drive navigate on its app.

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