Paytm Launches Made-in-India Sound Boxes for UPI Payments

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Synopsis:

Paytm unveils two new soundboxes for UPI and credit card payments, addressing high-noise environments in India. Features include waterproofing, 4G connectivity, and zero transaction fees for amounts under ₹2000.

Paytm, a prominent player in India's financial technology sector, made a significant move by launching two new soundboxes tailored for UPI and credit card payments. These soundboxes are positioned to offer enhanced notification capabilities, particularly in environments characterised by high levels of ambient noise. Vijay Shekhar Sharma, the founder and CEO, emphasised that these products are not only indigenous innovations but also optimised for the unique conditions prevalent in India.

The decision to introduce these soundboxes coincided with a strategic shift in Paytm's operations regarding customer accounts. Previously, Paytm's banking arm, Paytm Payments Bank Limited (PPBL), managed these accounts. However, due to regulatory constraints imposed by the Reserve Bank of India (RBI), Paytm initiated a migration process, transferring customer accounts to partner banks like Axis Bank, HDFC Bank, SBI, and Yes Bank.

Paytm Soundbox Features

The newly launched sound boxes boast an array of features, including waterproofing, 4G connectivity, prolonged battery life, and multilingual support. Notably, they enable small-scale merchants to accept credit card payments with zero transaction fees for amounts under ₹2000, facilitating the transition to digital payments for businesses.

Sharma's remarks underscored the importance of both hardware and software components in Paytm's product ecosystem. He lauded the software team for their effort4s in ensuring efficiency and functionality. Despite recent challenges faced by Paytm Payments Bank, Sharma expressed unwavering confidence in the bank's board, refraining from elaborating further on the matter.

Looking ahead, Paytm is steadfast in its commitment to expanding the reach of UPI payments across India. Sharma believes that the synergy between their new soundboxes and software solutions will play a pivotal role in democratising digital payments and ensuring accessibility for individuals and businesses across the nation.

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