Paytm unveils latest Soundbox, Smart POS to support digital payments

The company’s Smart POS aims at enabling nearly 5 million merchants to accept contactless card payments, encouraging consumers to make a shift towards digital payment solutions

Indian e-commerce payment solution, Paytm has recently launched a new version of its ‘Soundbox’ technology along with other offerings to help ease the acceptance of payments as a part of its effort to equip nearly 5 million merchants with the Internet of Things- powered devices.

With more than 900,000 merchants subscribed to its IoT devices, the company is focusing on bringing 50 million merchants into the digital economy through its solutions.

In a statement by the company, it has claimed that it has achieved more than 1.2 billion monthly transactions accompanied by a massive rise in financial services and offline payments.

Vijay Shekhar Sharma, Founder and CEO, Paytm, was reportedly quoted stating that the company is targeting 5 million IoT devices, which is equivalent to 10% of the 50 million. Moreover, the company has facilitated payment acceptance through UPIs, wallets, net banking, debit and credit cards for more than 20 million merchants, helping businesses grow.  

Sharma added that ‘Soundbox’ has played a key role in establishing digital transactions as a safe and reliable mode of payment, improving the trust of consumers and businesses encouraging them to make a digital move.

Seemingly, through the introduction of IoT-based devices, merchants do not need to check their mobile phones for confirmation, enhanced efficiency, and reduction in queues along with customer waiting time on the shop floor.

Explaining further on the technology, Vijay commented that instant voice-based confirmation of payments helps merchants to keep track of all the transactions, protecting them from getting deceived by those showing fake confirmation and screens.

Additionally, Soundbox 2.0 is equipped with digitally enabled screens that provide instant visual confirmation of payment coupled with a voice-based response.  

Notably, merchants can use the device to get the payment summary at the end of the day and the solution will notify the user when it runs out of charge.

Source Credit: https://telecom.economictimes.indiatimes.com/news/paytm-to-equip-50-lakh-merchants-with-iot-devices-to-ease-payments-acceptance/81413283