NEW DELHI: India has rapidly embraced digital payments over the past few years, becoming one of the segment's top markets driven by the rapid uptake of online payments.
Leading fintech companies are now developing solutions for merchants to further improve the digital payments ecosystem, whereas the digital payments revolution initially concentrated on consumer-oriented advances.
Paytm, the leading provider of financial services and digital payments in the country, was the first business to equip merchants with a range of subscription-based payment options, including the ground-breaking Soundbox that it launched in India in 2019. Paytm's revolutionary solution is still the top payment reconciliation solution in the nation, processing over 5 billion online payment transactions through its Soundbox devices in FY22.
The technology has assisted in saving paper slips worth 4.43 million pounds over the course of the last year in addition to enabling shops to accept payments seamlessly.
The Paytm Soundbox, which was introduced in 2019, caused a stir among retailers in the nation because it was the first ever gadget that made it simple for them to keep track of customer payments. The country's retailers have adopted this technology to such an extent that Paytm's rivals are also doing the same.
After leading the digital payments revolution in India, Paytm is now leading the next payments revolution by empowering merchants and promoting ease of doing business. The Paytm Soundbox is still the most popular option for merchants in the nation because the firm keeps improving its solution to give them access to advanced features like credit facilities, 4G connectivity, and cashbacks.
A small portable speaker that is included with the Soundbox provides merchants with immediate audio alerts on receiving digital payments in their preferred regional language. English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi, and Odia are just a few of the languages it supports. The Soundbox supports a variety of payment options, including cards, net banking, Paytm Wallet, Paytm Postpaid, Paytm UPI, and other BHIM UPI apps. This gives businesses more choice and ease.
Paytm's advanced payment options for retailers also include QR payments, EDC, and Payment Gateway in addition to Soundbox. The company reported that while it works to further establish its leadership in offline payments, it has now deployed over 4.5 million devices in its most recent monthly operating performance update (for July and August 2022).