Mphasis-Tone Tag tie-up for digital banking solutions

The Dollar Business Bureau

Bangalore-based Mphasis and ToneTag on May 16 announced a strategic partnership in order to provide an array of digital banking solutions for retail and banking sectors.

According to the deal, IT services provider Mphasis will work together with ToneTag to create solutions and serve as an integration partner for ToneTag's sound-based technology all over the world to facilitate contact-less proximity communication, customer engagement services and location-based services, apart from other solutions.

With this partnership, Mphasis will offer frictionless checkout solutions and omni-channel client engagement that can benefit bank branches, dealerships, physical outlets and experience stores, Mphasis said in a statement.

Through the agreement, both the companies aim to augment the experience of retail in the offline establishments of both banking and commerce sectors.

"The increasing usage of mobiles/smartphones, Internet penetration and online marketplace means that customers are now used to a smooth online retail experience,” said Georg Lehmann, Senior VP and Head - Banking & Capital Markets, Retail and Logistics Client Delivery at Mphasis.

“ToneTag gives us the technology to make available such an experience to the largest possible audience, without the limitations of proprietary payment technologies," he said.

Speaking on the partnership, ToneTag CEO Kumar Abhishek, said, "We're happy with the technological tie-up with Mphasis as our solutions perfectly match with each other. The retail industry has been slow to adjust to the changing market environment, especially when you see them competing with other modes such as e-commerce. On the other hand, the banking sector has also been slow to adapt to the change.” With this partnership, we hope to augment these sectors and create a better user experience for all the stakeholders," he added.