Fintech major Paytm today announced the launch of “Card Soundbox”, which allows merchants to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks through its 'Soundbox', with a ‘tap and pay’ feature.
Firstly, Paytm had launched audio-based confirmations with Paytm Soundbox. "After the recent successful launch of Paytm Pocket Soundbox and Paytm Music Soundbox, with Paytm Card Soundbox, the company is driving further convenience for merchants," a Paytm statement says.
It says with Paytm Card Soundbox, the company aims to solve two problems for merchants — accepting card payments along with getting instant audio alerts for all payments.
"The launch of Paytm’s unique device will transform in-store payments by expanding payment acceptance for merchants by combining Soundbox with NFC or contactless debit and credit card payments with mobile payments."
The new Soundbox provides both audio and visual payment confirmation through an LCD display to the merchant and the customer. Paytm Card Soundbox has a built-in ‘tap and pay’ functionality through which merchants can accept card payments up to ₹5,000.
The Made in India device is powered by 4G network connectivity providing the fastest payments alerts. "With a 4W speaker, Paytm Card Soundbox enhances the clarity of payment alerts. It has a long battery life of five days," says Paytm.
The device offers alerts in 11 languages that can be changed by the merchant through Paytm for Business app. Users with NFC-enabled smartphones can also pay through their phones using the tap feature using Paytm Card Soundbox.
"Merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code. The launch of Card Soundbox will go a long way in merging the two requirements of merchants - mobile payments and card payments," says Vijay Shekhar Sharma, Founder & CEO, Paytm.
Gautam Aggarwal, Division President, South Asia, Mastercard says India has seen remarkable growth in contactless card payments. "The Paytm Card Soundbox will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.”
According to NPCI, an umbrella body for digital payments in India, audio payment alerts have transformed digital payments in India and enabled many merchants to seamlessly digitise their businesses.
Besides, the homegrown fintech giant has said it is also investing in Artificial Intelligence to build an "Artificial General Intelligence" software stack. This India-scale AI system will help various financial institutes in capturing possible risks and frauds, while also protecting them from new kinds of risks due to the advancement in AI, sharma adds.
Sharma says the true dividend of the payment economy in India will be the "distribution of small credit at low cost", leveraging payment relationships with customers.
Shares of One 97 Communications, Paytm parent, closed 0.05% down today at ₹856.80 on the BSE.