BENGALURU (Reuters) – Indian fintech firm Paytm on Monday introduced a new device called the ‘Card Soundbox’. Priced at 999 rupees ($12.08), the device allows merchants to accept mobile and card payments from networks such as Visa, Mastercard, American Express, and India’s RuPay.
The Card Soundbox also offers instant audio payment alerts, helping prevent fraudulent transactions. This device release coincides with Pine Labs, a competitor, announcing a similar product at a significantly lower cost compared to traditional Point of Sale terminals.
Paytm became well-known in India after the government banned high-value currency notes in 2016, causing digital payments to surge in popularity. Since then, various merchants, from small vegetable vendors to large showrooms, have started accepting digital payments.
Paytm’s founder and CEO, Vijay Shekhar Sharma, stated, “We have observed that merchants and consumers require card acceptance to be as simple as mobile payments with Paytm QR Code.”
The launch of Pine Labs’ price-friendly product is expected to promote digital payment adoption in India.
PhonePe and other companies also offer similar soundbox devices that announce the amount received by the merchant.
Paytm shares experienced minor fluctuations on Monday, ultimately ending the session mostly unchanged.
(Reporting by Sethuraman NR and Manvi Pant in Bengaluru; editing by Eileen Soreng)
Credit: The Star : Tech Feed
