In a bid to further strengthen its position in the soundbox market, fintech giant Paytm has launched a new device, Card Soundbox, to enable card payments.
The Card Soundbox will enable merchants to accept both mobile and card payments across Visa, Mastercard, American Express and RuPay networks with ‘tap and pay’. Merchants will also be able to accept payments through the QR code on the soundbox.
With Paytm Card Soundbox, the company solves two problems for merchants — accepting card payments along with getting instant audio alerts for all payments, the fintech giant said in a statement.
Paytm said that the launch of the new 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.
Paytm Card Soundbox has a built-in ‘tap and pay’ functionality through which merchants can accept card payments up to INR 5,000. The device offers alerts in 11 languages that can be changed by the merchant through Paytm for Business app.
“Paytm has always been at the forefront of innovating for India’s small businesses, solving their payments and financial services problems. Today with Paytm Card Soundbox, we take it to the next level. 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,” Vijay Shekhar Sharma, founder and CEO of Paytm, said.
The number of subscribers for Paytm’s Soundbox and other PoS devices stood at 7.9 Mn, according to its performance update for Q1 FY24, making it one of the largest soundbox companies in the country. While the listed fintech giant was one of the earliest to launch such a device, it is now facing competition from the likes of PhonePe, Google Pay and other payments startups.
Earlier in July, the company launched two new variants of its popular soundbox device – Music Soundbox and Pocket Soundbox. The Music Soundbox enables merchants to play music via Bluetooth while waiting for payments. On the other hand, the Pocket Soundbox is a smaller, slimmer iteration of the original soundbox, which comes with a lanyard to receive payments on the go.
Meanwhile, Paytm said yesterday that Sharma has become the significant beneficial owner (SBO) of the fintech giant after Antfin sold 10.3% of its stake to the CEO’s Resilient Asset Management B.V.
Paytm reported a 44.5% year-on-year (YoY) decline in its consolidated net loss at INR 358.4 Cr in Q1 FY24.
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