{"id":5478,"date":"2017-09-22T15:48:31","date_gmt":"2017-09-22T13:48:31","guid":{"rendered":"https:\/\/insights.invyo.io\/africa\/?p=5478"},"modified":"2017-09-22T15:48:31","modified_gmt":"2017-09-22T13:48:31","slug":"googles-tez-was-inspired-by-sound-payments-in-africa","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/africa\/fintech-corner\/flash-news\/googles-tez-was-inspired-by-sound-payments-in-africa\/","title":{"rendered":"Google’s Tez was inspired by sound payments in Africa"},"content":{"rendered":"

Google launched its new payment solution in India called\u00a0Tez<\/a>,\u00a0an app for smartphones that uses\u00a0AudioQR\u00a0to perform P2P and P2B payments.<\/strong><\/p>\n

The use of sound for payments<\/strong> allows two smartphones to exchange payment information without having to share the user’s personal information<\/strong>, such as phone number or account number<\/strong>. Marketed as “Cash Mode” on the Tez app, this form of money transfer<\/strong> aims to create a digital version of the cash transaction<\/strong>, with the same level of anonymity between the concerned parties.<\/p>\n

Universal sound payments are already deployed in Africa<\/h3>\n

The french FinTech TagPay has been working on sound payments in Africa<\/strong> over the past 10 years. TagPay’s Near Sound Data Transfer\u2122<\/strong> (NSDT\u2122) technology, uses sound to share a one time password<\/strong> between two mobile phones, to confirm a digital payment<\/strong>. NSDT\u2122 turns any mobile phone into a contactless payment tool<\/strong>, independently of the mobile network operator being used. Today, any phone that can accept a phone call can make a sound payment.<\/p>\n

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TagPay’s Near Sound Data Transfer\u2122<\/figcaption><\/figure>\n

Pioneering banks in Africa<\/strong> use TagPay’s sound payments<\/strong> for a complete range of digital financial services<\/strong>, from loan repayments<\/strong>, digital subsidies<\/strong>, and merchant payments<\/strong> in a store.<\/p>\n

Banco Postale’s\u00a0Xikila<\/a>\u00a0in Angola, the Trust Merchant Bank’s\u00a0Pepele Mobile<\/a>\u00a0in the Democratic Republic of Congo, and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale’s\u00a0YUP<\/a>\u00a0in West Africa all use the TagPay digital banking platform<\/strong> to run their spinoff banks, and use NSDT\u2122 to sign transactions<\/strong> between their clients and their agent and merchant network. TagPay’s client banks are building the banking infrastructure of the last mile<\/strong>, to reach new market segments, which is made possible thanks to the transparency and traceability of the digital transactions.<\/p>\n

With sound payment technology being used to bring financial services to the underserved<\/strong>, and digitize part of the world’s informal economy, sound payments have carved their place in the payments space.<\/strong><\/p>\n

\n

This article was first published on TagPay’s blog<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Google launched its new payment solution in India called\u00a0Tez,\u00a0an app for smartphones that uses\u00a0AudioQR\u00a0to perform P2P and P2B payments. The use of sound for payments allows two smartphones to exchange payment information without having to share the user’s personal information, such as phone number or account number. Marketed as “Cash Mode” on the Tez app, […]<\/p>\n","protected":false},"author":3,"featured_media":5480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,36],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n