With Card Soundbox, Paytm seeks to empower merchants to accept both mobile and card payments across all Visa, Mastercard, Amex, and RuPay networks through its Soundbox with ‘tap and pay’ functionality, ultimately helping them scale their business.
Paytm first launched audio-based confirmations with Paytm Soundbox, changing in-store payments in the country, and with a focus on creating tech-led innovations for in-store payments, it has deployed 82 Lakh devices including both Paytm Soundbox and Card Machines. Following the recent launch of Paytm Pocket Soundbox and Paytm Music Soundbox, the introduction of Paytm Card Soundbox seeks to drive further convenience for merchants.
As per the press release information, Paytm Card Soundbox seeks to solve two pain points for merchants, namely accepting card payments, together with receiving instant audio alerts for all payments. The launch of the unique device is set to help transform in-store payments by expanding payment acceptance for merchants through the combination of Soundbox with NFC or contactless debit and credit card payments with mobile payments. The new Soundbox offers both audio and visual payment confirmation through an LCD display to the merchant and customer alike.
What is more, the Paytm Card Soundbox has a built-in ‘tap and pay’ functionality which enables merchants to accept card payments up to ₹5,000. The India-manufactured device is powered by 4G network connectivity, offering expedited payment alerts, and increasing the clarity of such alerts through its 4W speaker. With a battery life of five days, the device is designed with a diverse merchant base in mind, providing alerts in 11 languages that can be changed by the merchant through the Paytm for Business app. What is more, Paytm Card Soundbox lets users with NFC-enabled smartphones to pay via their phones by leveraging the tap feature.
Commenting on the launch, Vijay Shekhar Sharma, Founder & CEO, Paytm said that the company has been looking to be at the forefront of innovating for India’s small businesses, addressing their payments and financial services problems, something that the Paytm Card Soundbox launch aims to further. Having found that merchants and consumers require card acceptance as simple as mobile payments with a Paytm QR Code, the new product seeks to merge the two requirements of merchants, namely mobile payments, and card payments.
Gautam Aggarwal, Division President, South Asia, Mastercard added that as cardholders are exploring increasingly fast, convenient, and efficient ways to transact, India has seen expedited growth in contactless card payments. Per their statement, by putting the cardholder in control and encrypting each transaction uniquely, these payments reduce loss risk or counterfeit and double billing, and they believe the Paytm Card Soundbox to enable merchants to offer customers a simplified digital payment experience via simplified contactless card payment acceptance.
The announcement also includes quotes from NPCI highlighting that audio payment alerts have helped transform digital payments in India and assisted multiple merchants in their business digitalisation process. With the Paytm Card Soundbox being the first Indian Soundbox to accept contactless card payments, it is believed to further expedite cashless transactions in the country.
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