ToneTag plans to turn soundbox into banking interface

Bengaluru-based ToneTag is working to evolve India's ubiquitous soundbox from a payment-alert device into a banking interface and a gateway to credit. The company's technology uses encrypted sound waves for transaction data exchange between payment apps and merchant devices. It is deployed across 3 million merchants, processes 30 million payment interactions daily, and handles $4 billion in monthly payment value.

ToneTag's newest product, eKosha, is a voice-enabled banking interface that lets merchants check payments, settlements, loans, overdrafts and government schemes in regional languages. The device has built-in AI to handle some queries locally, supports UPI and CBDC payments, and costs Rs 1,300-1,500. Revenue rose to about Rs 210 crore in FY25 from Rs 47.8 crore a year earlier.

The timing is significant as a Lok Sabha bill allows the government to notify charges on digital payments, which could change the economics of merchant payments. ToneTag raised Rs 35.16 crore from Qualcomm Ventures in February and a $78 million round in 2025.