Sound waves are emerging as a potential game-changer for digital payments. The technology is making financial transactions possible between devices without the need for internet connectivity or communication tools such as NFC, widening the scope for digital payments. J Vignesh gives a lowdown on how the technology works:
How can you pay with sound? You can use a mobile app equipped with sound-based payments technology to make purchases at a store by placing your phone near the merchant's device. The app has to be linked to your bank or credit card accounts or digital wallets. The transaction happens over sound waves. Bengaluru-based ToneTag and UltraCash have developed sound-based payments technology that function independently or can be integrated with the platforms of banks or digital wallets. Digital wallet Paytm earlier this year announced it was testing sound waves-based technology for payments.
How it works
An algorithm is used to encode data into sound waves which can be transmitted for making offline payments. It has to be integrated at both ends — the buyer's mobile phone as well as the merchant's phone or card readers. There is no need for any additional hardware. A transaction is initiated when a merchant's device generates sound containing the encrypted payment data. This data is received by the microphone on the buyer's phone.
Sound is an analog signal, which means it is continuous. So, when the merchant initiates the payment by entering the bill amount on his device, the algorithm converts the numbers (digital) into analog format. During this conversion, the digital signal is massaged with encryption. An error-detecting code is used to detect any accidental changes to the raw data.
The analog data is transmitted through the merchant's device as a sound signal to the buyer's phone. The buyer needs to place their phone near the merchant's device to receive the bill. The buyer's phone does the reverse of the above steps and decrypts the data, so the bill is readable. The buyer then makes the payment through a digital wallet or debit or credit card.
Source: ET telecom
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4 comments:
Innovative blog thanks for sharing this inforamation.
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