Now, Paytm is synonymous with digital transactions in India. In 2016, the fintech app gained popularity during the demonetization phase in India. Since then, it has matured into a full-fledged digital payments bank by offering a bunch of services to merchants as well as consumers.
The company included BHIM UPI (App developed by the National Payments Corporation of India) in its platform as another way of paying for things via Paytm. There’s the postpaid service called Paytm Money, which allows the user to borrow funds from the company to purchase groceries, order food, etc. However, the system of digital payments is still far from perfect.
The Awkward Situation
Often, when one is trying to pay via their smartphone, there is a long conversation with the retailer to share the QR code, which one first scan and then waits till the payment is confirmed and the retailer receives the message. Sometimes the SMS doesn’t pop up quickly and the situation becomes a bit awkward.
Paytm is planning to ease the payment process with a new smart device called the ‘Soundbox’. It is a speaker incorporated with a SIM card slot that will work as a voice-activated POS (point-of-sale) machine for the retailer.
Basically, the SoundBox will alert the retailer that the payment has been processed thus, sidetracking the wait for the SMS notification on the retailer’s smartphone. Paytm could add more features to it, but as of now, it will only be used for accepting payments. However, users still have to scan the QR code on this device to make the payment.
Soundbox is powered by MediaTek
The device will have a speaker and there won’t be a camera integrated into it. It is powered by the MediaTek MT6261 SoC that is engineered, especially for IoT devices. It will come with 4G connectivity and will be connected to the Internet to coordinate online payments on behalf of the retailer.
“Paytm has been working on a solution which will be the Paytm SoundBox. This device is a smart device to make transactions easier. If today we are doing a Paytm transaction, probably it’s easy to see the confirmation message, but when we go to the retail outlets, it becomes difficult for the retailer to keep a track of all incoming transactions,” digit published.
With the box installed, retailers will not need another smartphone to accept Paytm transactions. The exact release date of the device is still unknown, but Paytm has already exhibited the use-case scenario and the final design of the box in a YouTube video.
The question is whether the device will have an impact on the way digital transactions are made. However, it is expected to see these boxes in the shops soon. Retailers would have to pay a subscription fee to avail the device, just like how Paytm gives retailers card-swiping machines for a premium. It will be interesting to see how the device functions in reality. Moreover, will a customer appreciate everyone hearing the amount paid, announced on a speaker?
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