From teaching Indians to scan and pay to now a Soundbox that fits in your pocket — how Paytm rules in-store payments

India is rapidly becoming a digital economy, much ahead of many developed countries. The widespread adoption of digital payments in the country has set an example for the world. One company that has been instrumental in driving this transformation is Paytm. The journey of mobile payments in the country is synonymous with the journey of India’s leading fintech company.

Through a wide range of payments and financial services offered by Paytm along with its cutting-edge products, have revolutionised the payments landscape in India. It was Paytm that brought the QR code to India, teaching ‘scan and pay’ to millions. While the launch of QR code changed the payments game entirely, the icing on the cake came with the launch of Paytm Soundbox, a first-of-its-kind device that provided audio confirmations on successful payments.

Strengthening its leadership in in-store payments and taking its payment suffering a notch higher, the company recently launched an innovative device - Paytm Pocket Soundbox. The lightweight portable device is designed for merchants on the move like auto drivers, electricians, delivery agents, cart vendors and several others. The ‘Made in India’ device fits right into the pocket like a small debit card. The company also launched Paytm Music Soundbox to enable some music, listen to match commentary, news while also receiving payment notifications.

Here’s how you can order Paytm Pocket Soundbox and Paytm Music Soundbox:

1. Open the Paytm for Business app
2. Click on the soundbox banner or on 'Soundbox' icon on the homepage
3. You will be taken to the Soundbox device page where you can choose your preferred language
4. Post that, Click 'Buy Now' to place your order

Paytm Soundbox, the iconic payments device has become omnipresent across the country. The sound of payment confirmation from Paytm Soundbox is like music to the merchant's ears and its impact can be seen with its ubiquitous presence everywhere from street vendors to grocery stores across the country. It would be safe to say that Paytm Soundbox has become the sound of merchant transactions in India.

In fact, the global brokerage firm BofA after its offline primary checks stated that Paytm appears to dominate the Soundbox market in Mumbai. “In areas we visited, most of the devices were installed in small Kiranas, sweet shops, cigarette kiosks, salons, small mobile merchants' vs bigger shops. A common theme was these outlets had fast shopper intensity at a limited store size/area. During peak load hours, it became easy for shopkeepers to keep a tab on payments; Not many were savvy in using mobile phones and hence preferred this,” said BofA in a report released on June 29.

The rapid adoption of Paytm Soundbox after its introduction in 2019 reflects growing trust in the tech innovator that ensures convenient and quick payment experience to all. The small portable device offers instant audio confirmation in 11 languages and provides a battery back-up of 7 days, the best in the industry. The highly durable device also comes in a 4G-enabled variant which provides stable connectivity for real time payments. In areas where the 4G network does not work, it automatically shifts to the 2G network for uninterrupted connectivity. What makes Paytm Soundbox stand out among others is that it is completely Made in India.

Paytm has strengthened its leadership in in-store payment devices with a cumulative deployment of 82 lakh devices including Soundbox and Paytm Card Machines. So far till July 2023, the company has added more than 24 lakh merchants who are paying subscriptions for its devices. As India’s leading payments company, Paytm has been rapidly expanding its merchant base and helping them with a seamless transition to digital. The company’s technology-led innovations have made it the most preferred choice for merchants who want to scale their business.

Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in