Tag: soundbox

Jio Payments is Reportedly Testing Soundbox For Merchants, Could Launch in 2024

Jio Payments is reportedly testing a new product that will mark its expansion into the merchant payments solution segment. The payment gateway and solution arm of the telecom behemoth is said to be working on a soundbox for merchants. The Jio Soundbox is reported to function as an audio payment verification device, similar to devices by Paytm, PhonePe, and BharatPe. The company has already conducted two pilot projects with the device and could launch the Soundbox by the end of 2024.

According to a report by The Hindu Business Line, Jio Payments is looking to enter the soundbox segment to further expand its payment solutions offering. The company already offers its payment gateway, point-of-sale devices as well as a Unified Payments Interface (UPI) platform and a biller platform. This would further extend Jio’s reach into the market as it can offer its entire payment solution stack as a package.

The report highlights that Jio Payments has conducted two runs of the pilot project in tier-2 cities and smaller metro cities such as Jaipur, Indore, and Lucknow. With the successful completion of the pilots, the devices are now showing up in Jio’s retail outlets in tier-1 and metro cities. The Jio Soundbox reportedly functions similarly to devices by Paytm and PhonePe.

It is believed to get the form factor of a small speaker and sends audio alerts for successful payments. Further, the report highlighted that the soundbox can double as a point-of-sale unit with the merchant’s QR code added on top of it.

The public launch of the soundbox is reported to occur within eight to nine months, which means there is a high chance that the device will be unveiled in the ongoing calendar year. The revenue model of the Jio Soundbox is expected to follow the same template as its competitors with an upfront fee followed by monthly subscription charges. For reference, the standard Paytm Soundbox comes at the price of Rs. 1, and a monthly charge of Rs. 125. At launch, PhonePe’s soundbox was priced at Rs. 50 and had a monthly subscription fee of Rs. 50. While the price or subscription fee of Jio Soundbox is not known, it is likely to be kept along the same lines.

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Google Pay to Roll Out SoundPod With Audio Alerts to Merchants in India After Year-Long Pilot

Google is rolling out the SoundPod — the company’s wireless speaker that can verify payments received over the Unified Payments Interface (UPI) instant payment system — to small merchants in India, the company announced on Thursday. The company started testing the device as part of a limited trial last year and has revealed that the rollout will take place later this year. Google Pay rivals PhonePe and Paytm — the latter faces RBI strictures over non-compliance with multiple rules — already offer similar products for merchants in the country.

In a blog post on Thursday, Google VP of Products for Google Pay Ambarish Kenghe announced that the company’s SoundPod would be rolled out to small merchants in the country “over the coming months”. During Google’s year-long trial of the SoundPod in India, the firm received positive feedback from merchants who participated in the trial, including faster checkouts, Kenghe said.

The SoundPod is equipped with an LCD screen and a single speaker. It supports 4G connectivity, according to Google. It has three LED indicators to show battery, charging, and connectivity status of the device, and features menu, volume, and power buttons.

The SoundPod has an LCD display and speaker that face the merchant
Photo Credit: Google

 

Paytm’s ‘Soundbox’ speakers offer between four to 12 days of battery life and feature 2G or 4G connectivity — two models are equipped with LCD screens, while another supports music playback over a Bluetooth connection. On the other hand, PhonePe’s SmartSpeaker offers up to four days of battery like on a single charge and supports multiple languages.

While the company hasn’t offered a concrete timeline for the arrival of the SoundPod in India, rivals like Paytm and PhonePe offer similar audio devices that are already in use by merchants across the country. Merchants also pay a monthly subscription — between Rs. 50 to Rs. 125 — to access these audio-based announcement service.

Google says that merchants will be able to choose between two subscriptions for the SoundPod — a Rs. 499 one-time fee followed by a Rs. 125 monthly subscription plan, or an annual subscription priced at Rs. 1,499. Merchants won’t have to pay the one-time fee when choosing the annual plan. Customers who receive 400 payments in a month via QR codes will get a guaranteed Rs. 125 cashback, according to the company.

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Paytm Launches Card Soundbox That Accepts Both Mobile and Card Payments

One97 Communications, which owns the brand Paytm, on Monday launched its latest innovation – Card Soundbox, which is intended to empower merchants to accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks.

UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

These card-based payments on ‘tap and pay’ basis will help merchants scale their business. With Paytm Card Soundbox, the company solves two problems for merchants — accepting card payments along with instant audio alerts for all payments.

Paytm was the first company to launch audio-based confirmations with Paytm Soundbox in 2019.

“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,” Paytm said in a release.

Paytm Card Soundbox 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, powered by 4G network connectivity, has a 4W speaker, and 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 ‘Paytm for Business’ app.

Moreover, with Paytm Card Soundbox, users with NFC-enabled smartphones can also pay through their phones using the tap feature.

“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,” Vijay Shekhar Sharma, Founder and CEO, Paytm, said.

“The launch of Card Soundbox will go a long way in merging the two requirements of merchants – mobile payments and card payments,” Sharma added.

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