One97 Communications, which owns the Paytm brand, on Monday launched its latest innovation, the Card Soundbox, designed to enable merchants to accept mobile and card payments across all Visa, Mastercard, American Express and RuPay networks.
The UPI payment system is very popular for retail digital payments in India and its adoption is growing rapidly.
These “tap to pay” based card payments will help merchants scale their businesses. With Paytm Card Soundbox, the company solves two problems for merchants – acceptance of card payments and instant audio alerts for all payments.
Paytm was the first company to introduce audio-based confirmations via Paytm Soundbox in 2019.
“The launch of Paytm’s unique device will transform in-store payment by expanding payment acceptance at merchants by combining the Soundbox with NFC or contactless debit and credit card payments with mobile payments. An industry-first solution, the new The Soundbox provides audio and visual payment confirmations to merchants and customers via an LCD display,” Paytm said in a release.
Paytm Card Soundbox has a built-in ‘tap to pay’ feature through which merchants can accept card payments up to Rs 5,000.
The Indian-made device is powered by a 4G network connection, has a 4W speaker, and has a five-day battery life.
Designed with a diverse merchant base in mind, the device offers reminders in 11 languages, which merchants can change through the ‘Paytm for Business’ app.
Additionally, with the Paytm Card Soundbox, users with NFC smartphones can also use tap functionality to make payments through their phones.
“Paytm has always been at the forefront of innovation for small businesses in India to solve their payment and financial services problems. Today, we are taking this to the next level with the Paytm Card Soundbox. We found that merchants and consumers need card acceptance as much as using Paytm QR codes are as easy as making mobile payments,” said Vijay Shekhar Sharma, Founder and CEO, Paytm.
Sharma added: “The launch of Card Soundbox will go a long way in converging the two needs of merchants, mobile payments and card payments.”
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