PayTM to launch SoundPay for funds transfer
Leading payment wallet company, PayTM will be launching another method to pay for your purchases – by using high-frequency sound waves. This new product will be called SoundPay from PayTM.
Using this technology, the users will be able to transfer the money, between their phones and PoS (Point of Sales), using ultrasonic sounds with just a tap of a button.
“Consumers will soon have the option of clicking the ‘sound pay’ icon in the Paytm app. It will transmit ultrasonic sound at a certain frequency and it carries data. The data will include how much to pay and the customers credentials.”, Nitin Misra, head of products at Paytm, told Economic Times.
Accordng to PayTM, the beta testing is already on and if the results are successful, soon the app will be updated with a new SoundPay button.