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Some of India’s biggest fintech startups are making inroads deep into soundboxes, the new boost to pocket-sized devices whose chimes are fast becoming the new ‘ka-ching’ for millions of Indian merchants.
Paytm, whose Soundbox is the market leader and is used by over 7 million merchants, has launched an upgraded version of the device that can also work as a card machine, accepting offers from RuPay, Visa, MasterCard and American Express. does.
Even with the cards’ 30-year presence in the South Asian market, only 4 million shops still entertain them. In contrast, Soundbox is already present in 8.5 million stores and is growing rapidly.
Paytm said that its new Soundbox, which is priced at INR 999 ($12), supports 11 languages, has a display and a 2,600mAh battery that should allow the device to last up to 5 days on a single charge.
The soundbox, which costs less than $20 with a bill of materials, is fast becoming a symbol of digital transactions across various Indian retail settings. Its audible confirmation feature is especially popular in marketplaces and noisy street corners, instilling trust and confidence in both sellers and buyers regarding payment transactions.
Moreover, Soundbox has evolved over time into an attractive subscription model as companies like Paytm and Walmart-backed PhonePe charge nominal subscription fees to merchants. The real allure of Soundbox goes beyond its auditory alerts – it provides invaluable insight into merchant behavior, facilitating loan offers based on this data.
The all-in-one soundbox will “take payments and consumer choice to the next level,” Rishi Chhabra, Visa’s VP and head of merchant sales, said at a press conference on Monday.
“Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” said Vijay Shekhar Sharma, Founder and CEO, Paytm. “Today with Paytm Card Soundbox, we have taken it to the next level. We have found that merchants and consumers need to accept card acceptance just like mobile payments with Paytm QR code. ,
The push makes Paytm’s card offering more attractive to fight off Point of Sale machine offerings from Pine Labs and Razorpay.
Pine Labs, backed by Peak XV and Fidelity, also launched an upgraded version of its POS machine, adding a Soundbox alert system. The startup said its new device costs a third of standard terminal machines.
Paytm rival PhonePe also unveiled an update to its Soundbox, saying merchants can now receive notifications in the voice of Bollywood legend Amitabh Bachchan. India’s largest company Reliance is also testing a soundbox on its campus, as TechCrunch previously reported.
Source: techcrunch.com
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