NEW DELHI: The adoption of digital payments in India has skyrocketed over the past few years, and the country is now one of the leading markets in the segment, driven by rapid adoption of online payments.
While the digital payments revolution started off with focus on consumer-oriented innovations, leading fintech companies are now creating solutions for merchants to further strengthen the digital payments ecosystem.
Being the leading digital payments and financial services company in the country, Paytm has been the first company to empower merchants with its range of subscription-based payment devices, including the revolutionary Soundbox that it introduced in India in 2019.
With over 5 billion online payment transactions processed through its Soundbox devices in FY22, Paytm's innovative offering continues to be the leading payment reconciliation solution in the country.
In addition to enabling merchants with seamless payments, the device has also helped save paper slips worth 4.43 million pounds in the past one year.
Launched in 2019, the Paytm Soundbox created a wave among merchants in the country as it was the first-ever device that enabled them to easily keep track of payments received from customers. This technology has become such a success among merchants in the country that Paytm's competitors are now following its footsteps.
With the Soundbox technology, Paytm is pioneering the next payments revolution in India by empowering merchants and driving ease of doing business after having led the digital payments revolution in India.
The Paytm Soundbox continues to be the most preferred choice for merchants in the country as the company has been upgrading its solution consistently to further empower merchants with unique offerings such as credit facility, 4G connectivity and cashbacks.
The Soundbox comes with a small portable speaker that helps merchants with instant audio alerts on receiving digital payments in their preferred regional language. It supports multiple languages such as English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi and Odia.
The Soundbox works with multiple payment methods such as Paytm Wallet, Paytm Postpaid, Paytm UPI and other BHIM UPI apps, net banking & cards, therefore providing more flexibility and convenience to merchants.
In addition to Soundbox, Paytm's innovative payment solutions for merchants include QR payments, EDC and Payment Gateway.
In its latest monthly operating performance update (July & August 2022), the company said it has now deployed over 4.5A million devices as it continues to further cement its offline payments leadership.