ToneTag Chief Expansion Officer Himaghna Dey Sarkar (left) and Epic Lanka Managing Director/CEO Viraj Mudalige
- Banking, retail and transportation sectors to benefit from disruptive innovation
Epic Technology Group, the leading technology conglomerate in Sri Lanka and market supplier and service provider of EDC/POS Terminals with over 95% market share recently partnered with ToneTag to introduce its revolutionary sound wave technology innovation to Sri Lanka and Maldives.
ToneTag’s technology will enable mobile banking customers of any bank to pay for their purchases using a sound wave mechanism, paving the way for a future where customers need not carry cards or cash and can stop worrying about revealing their personal information.
ToneTag is the global leader in digital payments and customer engagement using sound wave technology. The uniqueness of this technology is that it works even without the internet and is very easy to scale upwards since it works with almost any existing hardware (POS, kiosk, vending machine, phone, etc.) and software.
This technology is ideal for Card Not Present (CNP) transactions which are rapidly growing in Sri Lanka. Another feature of this technology is that even customers with feature phones can make payments, load cash, and numerous other things digitally without ever connecting to the internet.
While customers stand to benefit from convenience and security that the technology offers, merchants too can benefit from being able to accept digital payments by engaging with their customers and promoting their businesses either by using their existing infrastructure at no cost or with extremely low-cost updates.
Restaurants and retail outlets will also benefit greatly from this technology. For example, this technology can enable a fully queue less and contactless service where a customer only needs to open any partner app to receive menus, offers or payment requests.
Epic Lanka Managing Director and CEO Viraj Mudalige said: “We want to retain our position as Sri Lanka’s top Fintech solutions provider by introducing the best and the latest in technology available in the world. Through this partnership with ToneTag, we aim to redefine the way banking and shopping are done in the country. Every bank and retail company can now operate digitally or cashless since ToneTag’s technology works even without an internet connection or any hardware modifications.”
“Epic can integrate the ToneTag software into our existing merchant POS terminals. We hope to offer this technology to the banking, retail and transportation sectors and build next-gen solutions such as digital payments at offline merchants, contactless ATMs, smart retail customer engagement, offline digital bus ticketing, offline peer-to-peer payments and smart branch banking,” he said further.
The seamless and novel experience has stood out among the first users of sound wave technology. On its potential to revolutionise retail interaction, ToneTag Chief Expansion Officer Himaghna Dey Sarkar said: “We have partnered with Epic to take on a leading role in contributing towards building a digital Sri Lanka. We are confident that our expertise in sound wave technology and Epic’s market leadership in the financial sector will herald a positive change in how customers experience the next wave of digital services.”