Digital wallets have changed how we handle money today and the digital wallet is expanding in a big way. Sooner or later mobile phone will take over your wallet. One of the main advantage to the customer is that he doesn’t have to carry his wallet all the time, instead his mobile phone will act as his wallet. Paytm is one of the pioneers in India who revolutionized digital wallets.
Paytm is now bringing to you the new way to pay! Tapping on the very cool ‘Sound Pay’ icon in the Paytm App will enable emission of ultrasonic sound waves, which will carry your payment & details to the merchant/user.
Image credits: Flickr
This article from Economic Times reports that the feature is in beta testing and is currently conducting trials at select stores. If successful, the feature will be rolled out in a couple of months at convenience stores.
How it works?
- Customer opens and clicks on sound pay icon inside the Paytm app.
- Once the customer clicks on the sound pay icon, the app will start to emit ultrasonic sound waves.
- The sound waves will carry data like amount payable, customer credentials etc.
- Once the merchant app received money, transaction is complete.
This will be a game changer in the way how we transfer money. The feature will help to remove the physical cash if it’s successful in its trials.
Bangalore based Ultracash already have a patent pending technology which uses high frequency sound waves to transfer money from mobile to mobile. Ultracash payment does not need an internet connection or NFC.
The digital payment market is expanding in a big way in India. As more and more consumers start using mobile phone to access internet, the market potential is still high. The technologies like these will help the consumers and merchants as well. For merchants, there is no need of a separate investment for POS machines. The Ultracash and Paytm’s new technologies will work for merchants with just a mobile phone.
Post your comments below on how technologies like sound wave can improve your customer experience.