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Vivek Kumar Singh: Bridging The Last Mile
It has 13 patents and 132 claims under its belt and has been responsible for empowering and enriching various businesses
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The development of a nation is judged on the degree of financial inclusion. None understands it better than Vivek Kumar Singh, the Founder & Director – Labs, ToneTag. The ToneTag harnesses the power of sound to enable seamless device to device and human to device communication. Its data-over-sound technology is enabling seamless and secure digital payments for everyone. The deserving winner of BW Businessworld 40 under 40, Singh said: “With ToneTag, anyone and everyone, with any device, with or without internet can make digital payments.” “In India where digital literacy and infrastructural costs and setups act as a big hurdle in financial inclusion of all, ToneTag is enabling numerous feature phone users to make digital payments.”
Looking at the foundations of the company, Singh stated, “With my co-founder when we established this company in 2013 we realised that there was a huge gap between the existing solutions and the need of the hour.” “I contributed in tech development and operations management and also had knowledge in the financial and legal domains.” Today, the company has 13 patents and 132 claims under its belt and has been responsible for empowering and enriching various businesses across the globe through enhancing their communication or payment channels. Through ToneTag, we are bridging last-mile payments. By taking away the dependency from the internet or infrastructural hardware, we are enabling people even in the remotest of areas to make digital payments. ToneTag technology has already reached 52 million consumers and the number is expected to cross 100 million in the next 6 months. Singh added, “Our technology is running live with major brands and businesses across the country and globe like Airtel, Amazon, YES Bank, ICICI Bank, FAB, and Shoppers Stop.
Speaking on the purpose behind the company, he said, “Mobile payments can bring millions of people into the financial world like never before. Whether it’s the ability to transfer money directly to friends and family in remote locations, or businesses being given new ways to accept payments, there is huge scope for mobile to drive real social and economic change around the world.” “Through ToneTag, we aim to bridge last mile payments in areas where internet connectivity is low or non-existent, thereby bringing about financial inclusion in rural areas. We are here to play a role in enabling our society and economy leap towards digital ecosystem,” added Singh.
It is undeniable that the field of data transfer and connectivity is changing rapidly. Singh stated that keeping pace with the changing demands and constantly innovating and coming up with solutions are what we focus upon. He illustrated, “We have more than 18 Use Cases for payments and proximity customer engagement and are at the same time working to create more.” “With ToneTag, the world will enter a new age of seamless, secure and swift data transfer! Being a leader of this digital revolution is an interesting opportunity and I would like to share my experience with the world,” added an optimistic Singh.
Talking about inspirations, Singh said, “Steve Jobs and Elon Musk’s life and journey have inspired me the most. Throughout their life, curiosity and intuition remained the driving force that drove them to many innovations.” Giving his work philosophy he said: “My mantra for setting goals and achieving the desired results is simple: Never stop trying. Never stop believing. Never give up. And that’s what has kept me going. I firmly believe in constantly learning and bettering myself so that I can deliver nothing but the best.”