Recently, Paytm has launched a new device named card soundbox. This device further boosts the vision of economic growth of the nation while enhancing the success rates of individual living standards and financial capacities. This device in simple terms enables the merchants to collect both mobile as well as card payments (from Visa, Mastercard, repay, etc.). This article discusses the aforementioned newly introduced initiative, its relevance and possible futuristic steps that can be taken to further enhance the progress of contactless payments in India.
The fintech platform of paytm has played an essential role in promoting the vision of the national economy regarding contactless payments. With over 300 million downloads pan India, this platform is India’s largest financial services firm. It opens the gateways to online payments for traders, business owners, customers, online retailers, ecommerce platforms, and service partners. The main vision of the company is to introduce at least half a billion Indian into the mainstream economy through growing space for recruitment, business, payments, finance, etc.
Current status of paytm
Vijay Shekhar Sharma is the founder and CEO of paytm. He along with One97 communications Limited owns the paytm payments bank, which wears the hat of country’s largest digital bank.
Paytm now powers more than 20 million shops and companies to accept digital payments. This is due to the fact that over 300 million Indians utilise Paytm to pay at their establishments. The Paytm App is used to pay bills, recharge phones, send money to friends and family, and book movies and vacation tickets. With financial services and other developments in the pipeline, this is only one of the milestones reached toward their mission—to bring 500 million unserved and underprivileged Indians into the mainstream economy.
About card sandbox
The fintech platform of Paytm has launched the device of card sandbox at a price of 999 rupees. Such a feasible price rate of the device allows easy accessibility of the initiative and its consequent benefits.
About the device
Paytm claims that the new gadget would alter in-store payments by boosting merchant payment acceptance by integrating Sound Box with NFC or contactless debit and credit card payments and smartphone payments.
Tap and pay feature
Paytm Card Sound Box has a ‘tap and pay’ feature that allows retailers to take card payments up to INR 5,000. The gadget provides warnings in 11 languages, which may be customised by the merchant using the Paytm for Business app.
The gadget notifies about all card payments as well as QR code payments, and retailers may turn off card purchases if they desire.
However, it does not take swipe payments, which implies that it cannot accept payments of more than Rs 5,000 with a single touch since the rule prohibits tapping and paying for a transaction value more than Rs 5,000 in a single transaction.
Paytm has also in the recent past introduced two tiny mobile “Pocket Soundbox” and “Music Sound Box” gadgets that play tunes. It will thus be engaging to see what other initiatives will be taken in furtherance of enhancing the economy’s growth.
Advantages of card sandbox
Card sound box makes an attempt to enhance the standing of the fintech platform Paytm in the realm of online payments. Along with this the platform has several benefits for the traders, with special emphasis on small businesses.
Solving dual problems of traders
The device is developed such that it solves two problems for merchants. Firstly, it allows merchants to accept cards as well as mobile payments. Secondly, with its inbuilt feature of audio alerts, it also allows the merchants to know about the payments when received via the audio alerts. This device thus enables traders to have a single device for collecting payments via all online channels instead of multiple point of sale devices.
As technology continues to advance and as several startups in the fintech industry continue to emerge, digital payments and advance contactless solutions are definitely poised to shape the future of financial transactions. This relevance comes at a point when our country is on the mission to enhance its economic setup in online presence.
Developments like authentication methods, biometrics, facial recognition, can further be introduced to improve the security of digital transactions.
Paytm has always been at the forefront of innovating for India’s small businesses, helping them with payments and financial services. With the introduction of paytm card soundbox, this fintech platform has stood true to its mission. It can easily be concluded that the firm discovered that businesses and customers want card acceptance as well as mobile payments using Paytm QR Code. The launch of Card Sound Box will thus go a long way toward integrating merchants’ two requirements – mobile payments and card payments.