Could payment via sound waves rival NFC?

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Contactless payment is revolutionizing the retail experience for merchants and customers but it is currently only available on selected devices and to stores who can afford to upgrade their system. Offering other solutions are ToneTag and SoundPays — two sound-based mobile payment systems using encrypted sound waves, which could rival NFC payments. Both startups offer mobile wallets for consumers, which work on any smartphone. Customers can make proximity payments by using sound waves, even in places where there are network and mobile connectivity problems. The Indian startup ToneTag has already partnered with 14 customers including banks, mobile wallets and service…

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