Paytm launches 'Paytm Card Soundbox' that enables card payments

Paytm share price: One97 Communications, the parent company of fintech company Paytm, announced on Monday, September 4, the launch of Card Soundbox. "With this, the company empowers merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks through its iconic Soundbox with ‘tap and pay’ that will help merchants scale their business," the company said in its press release. 

Post-announcement, the stock of One97 Communications ended 0.05 per cent lower at Rs 856.80 on the BSE.

Source: Company's press release

With Paytm Card Soundbox, the company solves two problems for merchants — accepting card payments along getting instant audio alerts for all payments. The launch of Paytm’s unique 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. An industry-first solution, the new Soundbox provides both audio and visual payment confirmation through an LCD display to the merchant and the customer, the company's press release added. 

Paytm Card Soundbox: Key Features

Paytm Card Soundbox, as per the company's release, has a built-in ‘tap and pay’ functionality through which merchants can accept card payments up to Rs 5,000. The Made in India device is powered by 4G network connectivity providing the fastest payment alerts. With a 4W speaker, Paytm Card Soundbox enhances the clarity of payment alerts. It has a long battery life of five days. 

"Designed keeping the diverse merchant base in mind, the device offers alerts in 11 languages that can be changed by the merchant through the Paytm for Business app. Moreover, with Paytm Card Soundbox, users with NFC-enabled smartphones can also pay through their phones using the tap feature," the press release added.

Paytm was the first company to launch audio-based confirmations with Paytm Soundbox, transforming in-store payments in the country.

Commenting on the launch, Vijay Shekhar Sharma, Founder & CEO, Paytm, said, "Paytm has always been at the forefront of innovating for India’s small businesses, solving their payments and financial services problems. Today, with the Paytm Card Soundbox, we take it to the next level. We have found that merchants and consumers need card acceptance as well as mobile payments with a 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."