India’s Axis Bank has launched Lime, a mobile wallet that combines banking, shopping and payment services and lets customers make in-store purchases using an encrypted audio signal generated by their device. Besides instore payments, the service also allows to make online payments, PaySpaceMagazine reports.
The bank reports that the pay feature will allow Lime users to make app-to-app payments from Lime. The encrypted sound signal will contain the user’s Lime ID and payment token for completion of the payment. The user and the sender will receive a payment confirmation message.
For now, there isn’t any in-store integration. The merchant will have to use his or her smartphone to accept the payment.”
To use the service, customers transfer funds from their credit or debit card into their Lime Wallet. They can then make purchases in third-party apps by clicking on a Lime Pay button.
Lime will also allow users to make online and bill payments and peer-to-peer money transfers and create a shared wallet with family and friends that funds can be transferred into and then used by others.
