In a groundbreaking move, ToneTag, a company specializing in sound-based payment transmission, has launched a new mode of digital payments – Pay by Car. This innovative technology is backed by giants like Amazon and Mastercard and aims to make digital transactions more accessible and convenient.
How Does ‘Pay by Car’ Work?
The ‘Pay by Car’ system works by integrating the Unified Payments Interface (UPI) with the car’s infotainment system. This allows car owners to make digital payments without the need for a smartphone. The technology was demonstrated in partnership with MG Hector and Bharat Petroleum.
When a customer drives to a fuel station, the fuel dispenser number is displayed on the car’s infotainment system. A soundbox within the car announces the customer’s arrival to alert the fuel station staff. The customer then enters the amount they wish to purchase fuel for, resulting in a contactless transaction.
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But the applications of this technology don’t stop at fuel purchases. ‘Pay by Car’ also offers the ability to recharge your car’s Fastag, with the current balance displayed on the infotainment screen.
ToneTag’s Journey and Future Prospects
ToneTag’s journey towards this innovation traces back to its successful execution of developing an offline voice-based payment system for any phone within the Reserve Bank of India’s (RBI) sandbox. The primary goal was to empower individuals who may struggle with app-based payments or digital literacy.
At the recent Global Fintech Fest, ToneTag made headlines by unveiling conversational payments on UPI in collaboration with the National Payments Corporation of India (NPCI). This development enables bill payments through simple phone conversations, further expanding the horizons of effortless and accessible digital transactions.
With these advancements, ToneTag is not only revolutionizing digital payments but also paving the way for a more inclusive digital economy.