Paytm introduces Card Soundbox for merchants: Here's how it works
What's the story
Paytm has launched a device called Card Soundbox in India.
It integrates QR-based and mobile payments and accepts card payments with a 'tap and pay' feature.
The device allows merchants to accept payments across all major card networks and offers both audio as well as visual payment confirmation.
Available for a monthly rent of Rs. 995, the Card Soundbox aims to simplify payment acceptance for merchants.
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Details
Card Soundbox combines NFC and mobile payments
The Card Soundbox device combines Paytm's Soundbox with near-field communication (NFC) technology to enable contactless debit as well as credit card payments alongside mobile payments.
It provides audio and visual transaction confirmation through an LCD display for both the merchant and the buyer.
The device announces payments from cards and QR codes, and merchants can disable card payments if desired.
However, it does not accept swipe payments or single-tap payments above Rs. 5,000.
Features
Multilingual alerts and 5-day battery life
Offering alerts in 11 languages which can be changed by the merchant via the Paytm for Business app, Card Soundbox uses 4G network connectivity for fast payment alerts.
The device boasts a battery life of five days and aims to solve two problems for merchants: accepting card payments and receiving instant audio alerts for transactions.
This allows merchants to opt for one device instead of renting multiple point-of-sale (PoS) devices.
Insights
CEO envisions unified payment solution success
According to Paytm founder and CEO Vijay Shekhar Sharma, the launch of Card Soundbox will "go a long way in merging the two requirements of merchants - mobile payments and card payments."
The made-in-India device is expected to be a game-changer for merchants who want to accept mobile and card payments (across RuPay, Visa, American Express, and Mastercard networks) seamlessly.