Soundpays launches the first universal mobile wallet, using inaudible sound waves.
Soundpays is the first mobile wallet to enable purchasing while watching video content, engaging a digital display ad, shopping online or in store and from an email with one tap on your smartphone.
Toronto, Ontario November 26, 2015
Toronto-based Soundpays works like this: merchants download the free Soundpays plug in on their computers. Each product in their store can be assigned a specific “ultrasonic token.”
When a customer wants to purchase that item, the merchant’s computer emits a sound that is inaudible to human ears but can be picked up by the smartphone’s microphone. This specific soundwave passes an inaudible signal to the Soundpays app, which is linked to the credit / Visa Debit card. From there, the user just confirms the purchase and the money is transferred, completing the transaction. A transaction can happen from a YouTube video, an infomercial, online or in store purchases, to digital display advertisements. Wherever there is a speaker and an internet connection, Soundpays can process a transaction.
Soundpays co-founder Peter Misek first learned of soundwave technology when he served as a venture partner and board adviser at London’s DN Capital. The venture capital firm had made an undisclosed investment in Shazam, a London-based music-identification service. After two years of trial and error and the help of Jason Squire, creator of Canada’s first 4G network, Soundpays launched what many outlets regard as the Shazam for mobile payments.
Unlike near-field communication technology, used by Apple Pay, which requires a physical terminal inside stores to share data, sound waves make mobile payments viable outside the store. “We think we can change how commerce is done,” Misek says. “We think we can make it frictionless.” The single click it takes to make a purchase helps reduce friction by eliminating online cart abandonment, a problem that plagues online retailers.
To mark the launch in the iTunes store, Soundpays has partnered with seven national charities (United Way Canada, Make-A-Wish, Plan Canada, Oxfam Canada, Canadian Diabetes, Doctors Without Borders (Médecins Sans Frontières), Canadian Feed the Children) and created the www.soundofcaring.com campaign to support their causes. The campaign encourages a user donate $5 while watching a charity video. Users of the Soundpays mobile wallet can make a $5 donation to their preferred charity all while watching a video. 100% of all money donated is given to the charity.