Paytm Launches World’s First Soundbox With UPI, NFC Technology
Paytm, one of the first and most popular digital payments platforms in India, has introduced a new device called the Paytm Card Soundbox.
This device allows merchants to accept both mobile and card payments, including RuPay, Visa, Mastercard and American Express.
The company aims to help merchants expand their businesses by offering a convenient “tap and pay” solution for credit and debit card payments.
The ‘Paytm Card Soundbox’ provides audio-based confirmations for transactions using Paytm Soundbox technology.
It combines the functionality of a point-of-sale (POS) unit, a UPI QR code card, and a sound box that confirms the transaction.
The launch of the Paytm Card Soundbox aims to merge merchants’ two requirements – mobile payments and card payments – into one device.
This device aims to be a single-point payment method by combining Soundbox technology with NFC or contactless debit and credit card payments. It also offers both audio and visual payment confirmations through an LCD display.
Some key features of the Paytm Card Soundbox include –
- Built-in “tap and pay” functionality for card payments up to ₹5,000,
- Fast payment alerts powered by 4G network connectivity,
- A 4W speaker for clear payment alerts,
- A long battery life of up to five days, and
- Customizable alerts in 11 languages.
NFC-enabled smartphone users can also make payments using the tap feature.
Vijay Shekhar Sharma, the Founder & CEO of Paytm, highlighted the company’s commitment to solving payment and financial services challenges for small businesses in India.
He stated that the Paytm Card Soundbox bridges the gap between mobile and card payments, providing a simple and efficient solution for merchants.
Paytm was the first company to introduce audio-based confirmations in 2019 with Paytm Soundbox.
One97 Communications Limited (OCL) is the parent company of Paytm, founded by Vijay Shekhar Sharma. Recently, Vijay Shekhar Sharma has become the sole Significant Beneficial Owner (SBO) of the company, after the 9.9% reduced shareholding of Antfin in the company.
Antfin sold a portion of its stake to Resilient Asset Management, which is now owned by Sharma. As a result, Sharma’s shareholding in Paytm has increased to 19.42%.
The change in ownership is seen as positive for Paytm’s stock and company fundamentals, as it removes the Chinese investors.
Vijay Shekhar Sharma said in an interview, “There is never a day that I would not buy more equity in Paytm. Our company is relentlessly focused on generating and earning every dollar it spends.”