This firm aims to activate the ‘Dhanamaya-kosha’ for Indian MSMEs…

Bengaluru: Bengaluru-based deep-tech fintech company ToneTag has unveiled eKosha, a first-of-its-kind voice-first business assistant that transforms payment acceptance devices into intelligent banking touchpoints, enabling banks to deliver a wide range of financial services to India’s more than 80 million Micro, Small and Medium Enterprises (MSMEs) without requiring additional infrastructure.

The AI-powered platform aims to bridge the long-standing gap between banks and merchants by converting the payment device at the merchant counter into an always-on banking channel.

Powered by ToneTag’s proprietary analog Edge AI, eKosha enables merchants to access banking services, loans, government schemes, business insights and customer support simply through voice conversations in their preferred language, eliminating the need for smartphones, mobile applications or digital literacy.

The company said the innovation marks a major step in redefining merchant banking by bringing banking services directly to the point where business transactions take place every day.

Built on ToneTag’s proprietary Small Action Language Model (SALM), eKosha supports natural voice interactions across Indian languages while processing AI requests locally on the device instead of relying on cloud connectivity.

This analog edge-computing architecture enables real-time, secure and offline voice-based banking even in areas with poor internet connectivity, while significantly reducing energy consumption and operating costs.

The platform combines digital payments, banking and artificial intelligence into a single device.

Apart from accepting UPI, UPI 123Pay and CBDC payments, it enables merchants to instantly access banking assistance, personalised credit offers, government welfare schemes, financial products, business insights and direct engagement with brands through simple voice commands.

For banks, eKosha creates a continuous engagement channel with merchants, allowing them to strengthen customer relationships beyond payment acceptance. The company claims banks deploying the solution can reduce merchant servicing costs by up to 60 per cent, accelerate loan origination, double cross-selling opportunities and significantly improve merchant retention by reducing churn from 15-20 per cent to 6-9 per cent through personalised daily engagement.

Launching the platform, Kumar Abhishek, Founder and CEO of ToneTag, said the merchant counter has always been at the centre of India’s commerce and eKosha reimagines it as the centre of merchant banking.

“For the first time, banks have a dedicated, always-on engagement channel embedded at the point where merchants conduct business every day, enabling access to banking services through simple, natural conversations in their own language. This fundamentally changes how banks serve, support and build relationships with merchants while unlocking new growth opportunities across the merchant ecosystem,” he said.

According to the company, eKosha also enables banks to gather richer merchant intelligence, facilitating safer credit decisions, faster lending and lower customer acquisition costs while strengthening long-term merchant relationships.

Headquartered in Bengaluru, ToneTag is a leading deep-tech platform that develops AI, blockchain and sound-based financial technologies. The company powers millions of merchant touchpoints across India and has been recognised for its innovation, including winning the RBI HaRBInger 2021 award.

With eKosha, ToneTag aims to usher in the next generation of AI-driven merchant banking by bringing together payments, voice technology and intelligent banking on a single device.