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NFC-based Payment Tech Startup AtomX Raises Funding from BookMyShow

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NFC-based Payment Tech Startup AtomX Raises Funding from BookMyShow

Pune-based payment technology startup, AtomX, has raised an undisclosed amount from BookMyShow, the online ticketing and events platform.

With this investment from BookMyShow, the customers of the online ticketing firm will able to get an enhanced cashless experience for a host of on-ground events by leveraging AtomX’s cashless payments platform on NFC cards, wristbands and keychains for digital payments at music festivals, sporting events, food festivals, concerts, etc.

The contact-less payment technology of Atomx allows users to store cash in the form of digital money in their NFC chip and simply tap and pay for food, beverages and merchandise instantly.

NFC (Near-Field-Communication) is a short-range high frequency wireless communication technology that enables the exchange of data between devices over about a 10 cm distance. NFC can also work when one of the devices is not powered by a battery (e.g. on a phone that may be turned off, a contactless smart credit card, etc.)

AtomX call itself an event tech company that integrates NFC/RFID technology offering fans an unmatched cashless payments solution & hassle free vendor experience. The NFC access control technology of AtomX creates a virtual, smart security net around event venue.

NFC-based Payment Tech Startup AtomX Raises Funding from BookMyShow

NFC devices by AtomX

The ‘Atom wristbands’ by the startup encrypts the payment data and process securely and thereby drastically reduces delays in events caused by lines and queues.

Speaking on the investment, Ashish Hemrajani, founder and chief executive of BookMyShow, said, “As we broaden the out-of-home entertainment ecosystem, we continue to improve every aspect of that customer journey. This includes safer and smoother digital transactions both, while buying tickets and for on-ground services. We also strive to provide relevant data analytics, insights around events to vendors and organizers to better deliver the experience to our customers.”

To recall, there is an another contaxt-less payment technology startup called Tonetag. Based out of Bangalore, Tonetag uses encrypted sound waves to make offline, proximity-based contact-less payments on any device. The startup had raised $8-10 million from a clutch of marquee, strategic investors led by Amazon Inc. and Mastercard, in May last year.

Last year in January, Grab, a Singapore based unicorn startup, acquired Bangalore-based payments startup iKaaz, the technology stack of whom encompasses a range of innovations including NFC, among others.

Source – Livemint

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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