Sound-based payments services provider ToneTag on Tuesday announced its collaboration with Japan’s GMO Payment Gateway, Inc.
This strategic partnership will provide ToneTag with avenues to expand its sound-based network in Japan and other geographies in Asia-Pacific, while strengthening the value-proposition of GMO through facilitation of an advanced contactless services.
Under this collaboration, ToneTag will deploy an issuer-and-acquirer network on a sound-based payment ecosystem for GMO, introducing a range of banking and retail solutions for end-customer experience.
Along with this, the GMO clientele will also be able to leverage soundwave technology for secure, quick, and seamless financial transactions.
The organisation’s association with globally-reputed internet company GMO aligns with its objective of expansion and provision of financial services for an enhanced experience.
Speaking about the expansion in Japan, Kumar Abhishek, Founder and CEO, ToneTag, said,
"From payment or digital interaction perspective, Japan is very close to the way India or whole of Asia has been. There is a huge opportunity in Japan to move people from cash quickly to mobile. Japan too has a volume of transactions happening in cash, and it is very right to help the ecosystem to leapfrog from cash quickly to mobile payments.”
The founder added that with the launch of their services in Japan, ToneTag will be catering to ‘offline commerce’ roughly enabling one million transactions per month on the platform in the next 18-24 months.
Kumar also remarked, “At this juncture of exponential growth, having a reputed organisation as GMO on board will help us scale newer heights. We believe that this collaboration will certainly help us further our vision towards a major comprehensive expansion, while helping us provide our highly innovative, optimum, secure, and fool-proof financial services to a wider global audience.”
In October last year, ToneTag tied up with First Abu Dhabi Bank, one of the the largest banks in the UAE, to deploy sound-based contactless payments.
The company counts Amazon, MasterCard, and Reliance Capital as its investors.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.