How plain sailing has shopping become with the surge of facilities launched by various financial technology companies! You can shop in seconds by sitting at home, you can make a stroll outside with just your card in hard and readily pay in one go through swiping, without bothering to take or check your wallet. My husband doesn’t even have a proper wallet, except for the ID card purse. Now, this seconds-long shopping is going to become even simpler and more convenient. Fintech LTD and the similar game-changing companies have given birth to a data transfer technology that is sound-based.
The feature can be compared to the Google application that uses sound-based communication between two mobile phones for making payments through Unified Payments Interface.
Your voice and tone are going to do the job for you
The protocol uses sound waves to transfer data from one point to another instead of the hardware-depending processes like QR code scanning, Bluetooth, Wi-Fi, Near Field Communication (NFC) etc. This eliminates requirements of device pairs with the connectivity slot or feature, time relapse for scanning and entering, swiping issues at terminals, security concerns around entering your pin in public or typing on a machine in a new location etc.
The technology taps on the voice around, transmitted through the air and converts it into data, a small thug from your mobile can also give the feed and that too, without an electronic payment device, specially formatted speaker, microphone or even a smartphone.
Advantages of sound-based payment system
- Does not require any hardware devices specially designed for making and receiving payments.
- You can shop cashless in any shop if there is an electronic machine and at the same time pay in a contactless mode.
- The merchants get more relaxed as they are freed from the task of owning and maintain POS terminal machines, friction issues and attaching QR codes to their sale items.
- Financial solution providers and banking sectors can effortlessly operate payments and transactions with increased mobility and flexibility
- An efficient way to scale down capital investment in the related sectors and merchants by eliminating hardware requirements.
- Offers secure payment method when you are mobile.
Areas of application
As it offers flexibility and minimum requirement of payments, there are several scenarios which can find application of this technology apart from banking solutions, such as offline shopping, travel tickets like bus and railway, shopping during travels like flight services and token payments, on-site payments like parking and waiting charge fees, and many more as it makes a mass entry.