E-transactions, digital wallet, digital ledgers, and OTPs are some digital payments method has been improving rapidly over the past few years. Driven by higher smartphone penetration, consolidation of digital infrastructure, the high demand for virtual transactions and positive governing variations, digital payments have wedged the imagination of customers, capably supported by a huge number of retailers receiving on the virtual payments trend.
Contactless payment methods, though enormously convenient, involve internet connectivity, precise hardware requirements. The number of operational steps, apart from being liable to security threats. Though receiving of digital payment methods is growing rapidly, it is not being supported by consistent growth in the digital framework and device, which is still rolling at a slower pace. Where smartphone diffusion in India is comparatively lower like around 24% of all users own a smartphone, according to the latest reports. Hence, it becomes difficult to assist the massive majority of non-smartphone users with the welfares of digital payments with the help of technology which has fundamentally been developed for smartphones.
This is where the novel sound-wave based payment technology comes into the picture. This technology does not depend on any communication tools like NFC or internet connectivity. Soundwave technology is an enormously cost-effective, secure and fast mode of payment. It does not need the installation of costly hardware.
Benefits of Soundwave Technology
The SDK (Software Development Kit) of sound-waves based payments could easily integrate with EDC machines, POS terminals, and existing wallet or app-based payment structures. The data which encoded in a sound wave ensures security as each tone is unique. That allows it to not get mixed up along with background noises or other tones.
The implementation of sound-wave based payment technology would result in faster transactions. That will be of better help specifically during any public events or to evade long queues.
Moreover, customized and targeted marketing has become the catchword of the retail industry today. Over data analytics and some other additional tools, businesses are initialing the marketing process. It depends on the online ordering behavior of customers. Soundwave technology can further add another noteworthy element of audio to this process. By empowering an effective two-way communication with the consumer accordingly. It is through TV, digital screens, Radio, PA, many others, and forward personalized offers or messages. Which can be unique for each consumer. Just similar an ad-screen with a QR code, marketing or radio ads through podcasts can comprise precise tones. To enable consumers to make purchases or bookings quickly when they hear it.