According to foreign media sources, ostrich venture media understands that ToneTag, a provider of contactless payment solutions, announced that it has obtained a $ 1.3 million venture capital investment from Tropical Star Limited.
So far, the company's total financing has exceeded 2.3 million US dollars.
Ostrich Venture Media also learned that ToneTag focuses on contactless mobile payment technology and focuses on NFC and QR code technologies. To enhance its service, ToneTag has partnered with a number of local banks and digital wallet companies to enable transactions via mobile phones, POS machines, card reader and other non-connected devices.
However, during the commissioning phase, the company found that QR code scanning failed at a very high rate of 40%, so they felt it would be more efficient to use non-drop technology.
Users can now use ToneTag technology to withdraw cash from bank ATMs and have the freedom to choose from a variety of transactional channels such as digital wallets or bank mobile apps - and most importantly, it takes only three seconds for any transfer transaction carry out.
It is reported that ToneTag's business has covered more than 250,000 merchants non-connected devices, and as of November 2016, the platform has access to more than 18 million consumer devices.