Fintech has been one of the fastest growing industries not just in India but around the world. Voice technology has not yet reached the remote corners of India. Both consumers and businesses still rely on the traditional modes of payment and commerce. Cash, debit and credit cards, despite the shortcomings of these methods, are preferred by many.
ToneTag's founder and CEO Kumar Abhishek aims to bridge the gap by providing voice technology and audio service to everyone who wants to use it. The solutions include voice-based UPIs, hands-free checkouts and engagement in stores, voice orders and payments at home or on the move, faster checkouts and safer checkouts.
With the services we provide to businesses and customers, we hope to place India at the forefront in voice and audio technology use for the next few years. There are still many Indians who do not have access to smartphones and the internet. VoiceSe is a voice-based UPI system that allows users to pay digitally using their voice.
He adds, "It helps us facilitate online payment for consumers who are not digitally-literate or internet savvy as the technology behind this UPI platform enables users to make payments by just making a phone call."
In order to achieve this, the technology of the company is heavily based on voice and audio. Voice technology is the basis of all its products, from retail solutions to services geared towards customers. In addition, we have partnered with IDFC First Bank under the RBI's guidance to launch the CBDC Pilot Program in select states in the country by 2022. We are confident that, with over 5000 retail outlets and 50,000 CBDC customers already onboard, we will play an important role in the CBDC's future phases, by partnering more banks and helping CBDC to reach the masses," says Mr. He.
Abhishek offers advice to entrepreneurs who are just starting out. "Bring your best minds to bear and create a service or solution that will stand out in the crowded industry. If you are a unique individual with a sound technology, it is possible to become wildly successful.
The startup is currently working on enabling CBDC in India, both for retailers and consumers. The startup is also working on developing ways to allow offline UPI payments, which will help it spread digital financial inclusion across India. The startup is also working on Audio Out-Of Home or Audio OOH services for brands and retailers.
Customers: Amazon, ICICI IDFC NPCI FINSERV