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.

Paytm Card Soundbox

Paytm launches 'Card Soundbox' to allow both QR & card payments