ToneTag, a voice-based commerce and payments solution provider, has collaborated with major financial institutions namely NPCI, SBI, IDFC First Bank, ICICI Bank and others to enable acceptance of all UPI payments and recently launched RBI-backed CBDC (Central Bank Digital Currency) on its latest device RetailPod 2.0.
RetailPod 2.0 is a payment acceptance and interaction device that provides instant audio and visual confirmation of payment acceptance. The device accepts all kinds of payments, including voice-based UPI 123 payments, card or wallet payments, and e-rupee.
The device has claimed to support multiple languages to support financial inclusivity, including Hindi, Telugu, Kannada, Tamil, Malayalam, Marathi, Bengali, Odia, Gujarati, and Punjabi, in addition to English.
According to a company statement, merchants can now accept payments from various sources without the need for multiple devices. This reduces the cost of hardware for the merchants and also helps them to manage different payment devices.
Banks and NBFCs can use RetailPod 2.0 to interact with merchants to provide customised loans, offers, and other banking products, as well as help them reach out to merchants for loan collection, saving costs for loan collection and advertising for banks and NBFCs.
On the prospects offered by Retail Pod 2.0, Kumar Abhishek, Founder & CEO of ToneTag, said, “ The full implementation of digital payments can only happen when we have systems ready for all kinds of currency transactions, most recently being the launch of CBDC. Retail Pod 2.0, as a low-cost digital payment solution, can process all digital and voice payments. As the digital payments landscape continues to grow, solutions like the Retail Pod 2.0 will play a critical role in shaping the future of payments in India.”