Fintech firm Paytm has launched a new sound box called the Paytm Card Soundbox, which allows merchants to accept both card and mobile payments. Priced at Rs 999, the device aims to address the payment and financial services problems faced by small businesses in India. Paytm Founder and CEO, Vijay Shekhar Sharma, mentioned that the Paytm Card Soundbox takes card acceptance to the next level, providing merchants and consumers with a simple solution similar to mobile payments through the Paytm QR Code.
The Paytm Card Soundbox is a pan India product, with plans to make it available in 550 cities across the country, according to Bhavesh Gupta, President and COO of Paytm. The device features a built-in ‘tap and pay’ functionality which allows merchants to accept card payments of up to Rs 5,000. It supports payments from Visa, Mastercard, American Express, and RuPay networks.
The Made in India device is powered by 4G network connectivity, has a 4W speaker, and a battery life of up to five days. Bipin Kaul, CBO – EDC Retail Business at Paytm, stated that the Paytm Card Soundbox aims to democratize card payments at a micro-level, bringing affordability and promoting card acceptance.
The device comes with 11 language alerts, which can be changed by the merchant using the ‘Paytm for Business’ app. Additionally, users with NFC-enabled smartphones can also use the tap feature to make payments through their phones. Vikas Varma, COO South Asia at Mastercard, praised Paytm for solving real issues for merchants and highlighted the growing digital funnel on the consumer side.
Paytm had previously introduced audio-based confirmations with Paytm Soundbox in 2019. The parent company of Paytm, One97 Communications, reported a 118% spike in payment devices subscribed by merchants in the first two months of the fiscal year starting in April. The number of merchants paying subscription fees for payment devices, including the soundbox and PoS machines, increased to 7.5 million in April and May from 3.4 million in the same period last year.
Read more: [Paytm launches a soundbox at Rs 999 that now accepts cards](https://economictimes.indiatimes.com/industry/banking/finance/paytm-launches-a-soundbox-at-rs-999-that-now-accepts-cards/articleshow/103354047.cms)
