[2016-07-22] Firstpost: Startup ToneTag brings blockchain to contactless payment

Startup ToneTag brings blockchain tech to contactless payment

http://tech.firstpost.com/startup/startup-tonetag-brings-blockchain-tech-to-contactless-payment-326032.html

ToneTag founder Kumar Abhishek was working on core banking implementations in Singapore, when a friend asked him “Why is it in India we get candies instead of balance cash?” The question sparked the desire in him to create a better way to pay. He started doing extensive research on the viability of digital payments in India and returned to the country to study the market, the usage patterns of people and the problems they faced during payments. “I met people from urban as well as rural India, which gave me tremendous insights of the pain points of payments and how we can solve it. In a country like India, where cash is the most used payment method, millions are locked out of formal financial services,” says Abhishek.