On Monday (April 22), fintech behemoth Paytm launched two new soundboxes for accepting UPI and credit cards for UPI payments.
In a statement, the company said that the new devices are completely made in India and are equipped with 4G network connectivity and better sound quality. It was also said that these audio devices boast a battery life of up to 10 days and support notifications in 11 languages, including English, Hindi, Gujarati, Odia, Marathi, Telugu, and Tamil.
“Our Soundboxes are Made in India, which is our commitment to grow the payment system with software and hardware manufactured in India. Paytm Soundbox brings the power of Rupay Credit Card payments on UPI to merchants of all sizes, from rickshaw drivers and food & grocery delivery services to large retail stores,” said a Paytm spokesperson.
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In a webinar, Paytm founder and CEO Vijay Shekhar Sharma said that the new soundboxes are better suited to Indian conditions and address the high-noise environment in India.
The new launches come close on the heels of Paytm’s parent, One97 Communications, completing the migration of its merchants from Paytm to the new payment system provider’s (PSP) bank handles for UPI payments.
Earlier on April 17, the fintech said it had commenced the process of customer migration to other partner payment service provider (PSP) banks, including Axis Bank, HDFC Bank, SBI, and Yes Bank.
The development came after the Reserve Bank of India (RBI), in late January, banned the fintech major’s payments bank Paytm Payments Bank (PPBL), from accepting fresh deposits or undertaking UPI transactions for non-compliance with rules and regulations.
Following this, Paytm partnered with a slew of banks to ensure its operations continued without any hitch in the aftermath of the RBI’s crackdown.
During the webinar, Sharma said Paytm Payments Bank is an independent entity and he or anyone else from One97 Communications has no connection with the payments bank.
