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HDFC Gets Onboard with Tone Tag

The customers of HDFC Bank are up for a revolutionary change soon. It won’t be long before they will be able to pay at credit card swipe machines using merely the sound of their handsets. The private bank has pioneered this mind blowing technology by signing up with a startup named Tone Tag. Tone Tag, which is a Bengaluru based startup, will provide a phone based proximity payment service that could function without the help of special handset or other acceptance devices.

This startup was initiated by an ex-Infosys member named Kumar Abhishek and the co-founder Vivek Kumar Singh. The company raised its funds through Angel investors and has also received another round of funding from Reliance Capital. Apparently, the company is currently working on a pilot project and is on the brink of its launch.

HDFC will soon be updating its mobile application to incorporate this feature. This is how the feature is going to function: The payee will punch in the amount to be paid the usual manner during a card payment, and the customer has to hold the phone 15 cm away from the device. A signal will be sent from the Point of Sales terminal to the phone, seeking authorization. The payment will be processed once the customer authorizes it. How convenient is that!

Currently, this is the second largest venture by the bank in the payments sector. It had tied up with an app-based platform named Chillr earlier. Chillr transfers funds from account to account without having to fill any forms or documents.


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Startup-Buzz Team

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Startup-buzz Team is a collaborative group of entrepreneurs, researchers, writers and experienced professionals. Tied up together to bring the latest Startup Buzz going around the globe.

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