Amazon has reportedly made investment into sound wave tech Startup ToneTag in Bengaluru. They are now looking for the new payment usecases for the customers through sound wave technology.
Amazon has made $5 million investment in Bengaluru Startup which also get investments from Mastercard and other firms.
Payment is one of the major area where Amazon is focusing now and this step is one of the major step for creating a payment ecosystem.
With ToneTag integration Amazon will enter in the offline payment market. ToneTag will also be integrating sound wave technology for Amazon pay on delivery system with 3-4 months.
Customers can use Amazon Pay at more than 3 lakh offline merchants where ToneTag have partnered with.
They are going to give option of Eat and Go to the customers where customers can eat the food in restaurants without paying the bill physically. This service will be going to live in next 12 months within 8000 restaurants only for the Amazon Prime Members.
These payments can be done when the customer gives the standing instructions for certain amount.
Experts believe that more companies will move toward the customer’s ecosystem integration.
This will help the company to get margins and add more gross transaction value and data can be used for specific products.