Soundpays Streamlines Mobile Transactions Using Sound Waves
Soundpays, a Toronto-based startup, might have the answer to the hardware issues that many face when making mobile payments.
The company’s unique technology uses sound waves to initiate handheld transactions. This means that businesses that are signed on with the service will not need terminals to facilitate transactions. Furthermore, the option works on a wide range of devices, including units that are not equipped with NFC.
“Everybody’s interested in replacing their wallet with their phone, but there’s no truly ubiquitous way to do that until now. There’s mobile wallets that will work in store with NFC, there’s different implementations online, but none that crosses a whole spectrum of purchase opportunities,” said Jason Squire, CTO and co-founder of Soundpays.
Using inaudible sound waves, businesses can give customers the option to purchase their product or services in real-time during a television commercial. The offering is also scalable to meet the demands of events or expos, where representatives are required to manage large groups of customers.
“We can white label, so we can power anybody’s wallet, anybody’s app and allow them instantaneous access to video, to radio, to TV. And our niche is we can truly be working with anything,” highlighted Squire.
“No other payment solution works on video, works on radio, works on TV, works on display ads, works online, works in-store. It just doesn’t exist — whereas we can enable all of that. There’s nobody that we found yet that can do all of that in one go.”
When a special sound wave is transmitted from a speaker, it is intercepted by the company’s mobile wallet. The purchase is then completed using the payment option selected by the user.
For now, Soundpay’s platform is still in beta testing. The frictionless solution could greatly reduce shopping cart abandonment rates.