Paytm’s pioneering Soundbox and QR code images go viral on social media, highlighting the widespread adoption of Paytm
Paytm has revolutionized payments in India with its QR code solution and its pioneering IoT device Paytm Soundbox which established digital payments as safe and trustworthy for both consumers and merchants.
AIIMS Jodhpur Surgeon, Dr Tanmay Motiwala, in a recent tweet showed how Paytm has taken UPI payments to every nook and corner of the country. "I was on the outskirts of a small town in Bastar district in Chhattisgarh today. This small Dhaba owner in the midst of a highway crossing through forest cover had this UPI payment option available. Such is the story of the success of UPI," Motiwala said in a tweet.
I was in the outskirts of a small town in bastar district in Chhattisgarh today.This small Dhaba owner in the mids… https://t.co/TfUj56rZRp— Dr. Tanmay Motiwala (@Least_ordinary) 1679416146000
Paytm Founder, Vijay Shekhar Sharma, in a quote tweet to Motiwala's tweet, said '#PaytmKaro'.
#PaytmKaro https://t.co/Tut4O2axDK— Vijay Shekhar Sharma (@vijayshekhar) 1679473825000
A picture of a Paytm Soundbox with its All-In-One QR code at a Gurudwara has also gone viral on social media, highlighting the widespread adoption of Paytm.
The ubiquity of the sound box and QR in India never ceases to amaze me, into a magical feeling know India’s Digital… https://t.co/7n3rDaFPlI— Monica Jasuja (@jasuja) 1678034318000
“The ubiquity of the sound box and QR in India never ceases to amaze me, into a magical feeling now India’s Digital Payments future is bright & full of huge opportunities to make India cashless,” tweeted Monica Jasuja along with the picture.
Other users agreed with the sentiment, saying the picture reflects the incredible digital revolution happening in India thanks to Paytm.
“Forever, in awe of the ubiquitous QR Code, that homegrown instant payment system remade commerce, pulling millions into the formal economy,” replied one user.
India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that r… https://t.co/XhNXNcP4QD— Nithin Kamath (@Nithin0dha) 1680761010000
He tweeted, “India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech.”
Recently, VC firm Blume Ventures’ Indus Valley Annual Report 2023 cited Paytm Soundbox as an example of smart innovation by Paytm to reduce merchant friction and enhance merchant convenience while using that to drive monetization.
Also, an example of a superb innovation by Paytm to reduce merchant friction and enhance merchant convenience! https://t.co/RkQYldpvYH— Amal Vats (@amal_vats) 1677833488000
“As UPI payments grew, and customers and merchants reported friction around payment reconciliation (SMS inbox fill limits of merchants' phones were a big issue), Paytm looked for solutions to enable real time updation without SMS dependency,” the report stated.
It added that Paytm has been consistently selling 1 million Soundboxes every quarter and the device accounts for about 8% of its overall revenues at Rs 50 crore monthly.
By partnering with a variety of merchants, including small businesses, to offer its payment services, Paytm has been able to successfully reach customers across all demographics. This has made it easy for people in even the most remote areas of the country to use Paytm to pay for goods and services.
Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on firstname.lastname@example.org
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