Paytm, the mobile payments giant, announced the launch of its new product, the "Card Soundbox" on September 4th. This innovative device is designed to seamlessly integrate QR-based and mobile payments while also accepting card payments through a 'tap and pay' feature.
For a monthly rental fee of Rs 995, merchants can now utilize this all-in-one device, which enables them to accept payments from both mobile wallets and physical cards across all major networks, including Visa, Mastercard, American Express, and RuPay. The 'tap and pay' functionality is facilitated by near field communication (NFC) technology, making card payments swift and convenient.
One unique feature of the Card Soundbox is its ability to audibly announce all payments made through both cards and QR codes. Merchants have the flexibility to disable card payments if they choose to do so. However, it's important to note that the device does not support swipe payments. According to regulations, tap and pay transactions exceeding Rs 5,000 are not permissible for a single transaction.
The Card Soundbox complements Paytm's existing lineup of Soundbox devices, including the "Pocket Soundbox" and "Music Soundbox," which play music on the soundbox devices. This new device combines Soundbox technology with NFC-enabled card payments and mobile payments, providing merchants with both audio and visual payment confirmations through an LCD display for enhanced convenience.
This device, proudly manufactured in India, utilizes 4G network connectivity to ensure rapid payment alerts and boasts an impressive battery life of five days. Additionally, it offers alerts in 11 languages, which can be easily adjusted by the merchant using the Paytm for Business app.
Vijay Shekhar Sharma, the founder and CEO of Paytm, emphasized the importance of merging mobile and card payments for merchants. He stated, "We have found that 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."
With the introduction of the Card Soundbox, Paytm aims to further simplify and enhance the payment experience for merchants, offering them a versatile and efficient tool to accept payments from a diverse range of sources seamlessly.
In an increasingly digital world, this innovation underscores Paytm's commitment to providing comprehensive payment solutions that cater to the evolving needs of both businesses and consumers.
