India is on a fast-track to becoming a digital powerhouse and the adoption of mobile payments has crossed new milestones. Fintech giant
Paytm has a pivotal role in India’s digital transformation through its innovative and easy-to-use solutions.
Paytm pioneered QR Codes that have changed the entire payments landscape, teaching ‘scan and pay’ to millions of users. With the launch of
Paytm Soundbox in 2019, in-store payments got a complete overhaul. Paytm became the first company to introduce audio payment alerts through its iconic Soundbox. This portable device has become a common sight across the country with its audio alerts becoming synonymous with successful transactions.
According to Paytm’s Annual Report for FY23, over 13.72 billion online payment transactions were processed through its Soundbox devices in the last one year (April 2022 - March 2023). This is a testament of how Paytm’s innovative device continues to be the leading in-store payment solution in the country. It is also a sustainable business solution as it has helped save paper slips worth 12.07 million pounds in FY23.
Paytm Soundbox - The Sound of India’s Growing Economy
Paytm All-In-One Soundbox has created a wave among merchants in the country being the first-ever device that enabled them to easily keep track of payments received from customers through audio payment confirmations.
The first-of-its-kind IoT device supports 11 regional languages - English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi and Odia. Paytm Soundbox has significantly reduced customer fraud and risks of false confirmations and building trust between merchants and customers through its devices.
Taking its innovations a step further, Paytm recently launched two new 100% indigenous devices – Paytm Music Soundbox and Paytm Pocket Soundbox, further strengthening its payment monetisation. The convenience offered by Paytm Soundbox has taken over the country’s imagination, providing a seamless, instant, and secure payment experience to users.
Driving flexibility for users, Paytm Soundbox enables merchants to accept multiple payment methods such Paytm Wallet, Paytm Postpaid (BNPL), Paytm UPI, Paytm UPI Lite, net banking & cards. Paytm Soundbox continues to be the most preferred choice for merchants in the country empowering them with unique offerings such as credit facility, 4G connectivity and cashbacks.
Paytm continues to be the market leader in in-store payments, with 82 lakh devices like Paytm Soundbox and Card Machines, deployed at the end of July 2023. The company has added 3.8 lakh devices, crossing a new milestone in in-store payments.
As India’s leading payments and financial services company, Paytm ground-breaking innovations have emerged as a disrupter in the mobile payments ecosystem, playing an instrumental role in setting the benchmark for in-store payments in the country.
Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in
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