Soundwave technology could address shortcomings of most digital payment solutions widely used. Considered as the next frontier in the digital payment space, the USP of soundwave technology is its simplicity and convenience.
In terms of adaptability, soundwave technology is used on smartphones and feature phones. Akin to a slew of digital payment technologies, soundwave technology enables faster, seamless transaction on a smartphone. The technology enables transaction on a feature phone too sans internet dependency.
More than that, soundwave technology based payments are 100% secure. This comes as a big relief for users of the technology, in an environment of rising incidence of cyber fraud and security. Cost-wise, soundwave technology is lucrative too being relatively inexpensive to deploy. With such attributes, soundwave technology could be the next thing to make major disruption in the digital payment space.
In the wave for cashless economy, soundwave technology for digital payment appears viable in India
In India, soundwave technology could emerge as a viable option for the government’s dream of a cashless economy. Earlier, initiatives such as demonetization, along with introduction of easy-to-use payment methods have been a step forward for a cashless economy. A testimony to this is 523.23 million cashless transactions worth Rs. 93.63 lacs that happened in November 2016 itself in the country.
However, in a country, where cash has been the mode of payment since ages, the transition is challenging. Smartphone use established in remotest part of the country, but mostly limited to make calls and send messages. Sadly, only a fraction of smartphone users are well-versed with digital technologies such as RFID, NFC, Infrared, and Bluetooth. Thus, acquaintance with these technologies needed for digital transformation at the granular level.
