Paytm launches ‘Card Soundbox’ that merges card and QR payments
Paytm, a leading mobile payments company, made a significant announcement on September 4th regarding the launch of their innovative product called the “Card Soundbox.” This device serves as an all-in-one solution for merchants, seamlessly integrating QR-based and mobile payments, while also introducing a ‘tap and pay’ feature for card payments. With the Card Soundbox, merchants can efficiently accept payments from various sources, simplifying their transaction processes.
One of the standout features of the Card Soundbox is its capability to accept card payments through the ‘tap and pay’ functionality. This method relies on near field communication (NFC) technology, which ensures secure and swift card transactions.
Moreover, Paytm’s Card Soundbox is designed to accommodate payments from a wide spectrum of card networks, including Visa, Mastercard, American Express, and RuPay. This broad acceptance ensures that merchants can cater to a diverse range of customers, regardless of their preferred card network. Overall, the Card Soundbox represents a valuable addition to Paytm’s payment ecosystem, providing a comprehensive solution for businesses seeking to streamline their payment acceptance processes.
The Card Soundbox device offers a comprehensive payment solution for merchants, allowing them to process payments not only from cards but also from QR codes. It provides merchants with the flexibility to manage their payment options, including the ability to disable card payments if they choose to do so.
However, it’s important to note that the Card Soundbox does not support swipe payments. This limitation means that it cannot accept payments exceeding Rs 5,000 with a single tap. This restriction is in line with regulatory guidelines that do not approve of ‘tap and pay’ transactions for values higher than Rs 5,000 in a single transaction, likely for security and authentication purposes.
It’s worth mentioning that Paytm had recently launched other innovative products like the “Pocket Soundbox” and “Music Soundbox,” which are designed to play music on the soundbox devices. These products demonstrate Paytm’s commitment to diversifying its offerings and providing additional value to its customers beyond payment services.
The Card Soundbox from Paytm addresses two key challenges faced by merchants. Firstly, it enables merchants to seamlessly accept card payments while simultaneously receiving instant audio alerts for all transactions. This feature enhances transaction visibility and security for merchants, allowing them to stay informed about payments as they occur. Secondly, the Card Soundbox offers a consolidated solution, allowing merchants to use a single device instead of renting multiple point of sale (PoS) devices, simplifying their payment acceptance infrastructure.
This innovative device integrates the capabilities of a Soundbox with NFC or contactless debit and credit card payment functionalities, providing a comprehensive payment acceptance solution. It also offers dual confirmation mechanisms by providing both audio alerts and visual payment confirmation through an LCD display, benefiting both the merchant and the customer. This multi-modal confirmation ensures that both parties have a clear record of the payment transaction, contributing to a smooth and transparent payment experience.
The Card Soundbox is proudly made in India and leverages 4G network connectivity to deliver rapid payment alerts. This ensures that both merchants and consumers receive transaction notifications promptly, enhancing the overall payment experience. Additionally, the device boasts an impressive battery life, lasting up to five days on a single charge, offering long-lasting reliability for merchants.
One of the notable features of the Card Soundbox is its multi-language support, with alerts available in 11 different languages. Merchants can easily customize the language settings through the Paytm for Business app, making it accessible and user-friendly for a diverse range of customers.
Vijay Shekhar Sharma, the founder and CEO of Paytm, emphasized the importance of providing a seamless and comprehensive payment solution for both merchants and consumers. He highlighted that the Card Soundbox bridges the gap between mobile payments and card payments, recognizing the evolving needs of businesses and consumers in the payment ecosystem. This innovative device aims to simplify payment acceptance, making it more convenient and efficient for all parties involved.
