Private sector lender Yes Bank today said it has partnered UltraCash Technologies to launch payments processing through sound waves.
UltraCash utilises a patent-pending technology, through which payment data is securely transferred from one device to the other using unique ultra high frequency sound waves. “This partnership will enable Ultracash to issue Yes Bank sponsored mobile wallets and employ Yes Bank’s immediate payment service ( IMPS) payments platform to enable processing of instant proximity transactions,” Yes Bank said in a statement. The innovative technology ensures that UltraCash’s ‘Tap and Pay’ works on all devices and doesn’t need any special hardware to make the payment. There is no need of special near field communication ( NFC) chips.