Paytm today introduced its latest Internet of Things (IoT) based payment devices, Soundbox 2.0 and Paytm Smart POS for Android phones. The company has expanded into IoT payment devices with Paytm All-in-One Android EDC devices, All-in-One Android Pocket POS, Soundbox among others. The company is on a mission to bring 5 crore merchants into the mainstream economy and equip businesses with 50 lakh IoT devices over the next few years.
Paytm Soundbox has played a pivotal role in establishing digital transactions as a safe & secure mode of payments, enhancing the trust of businesses and consumers to move digitally. With this IoT-based device, merchants do not need to keep checking their mobile phones for confirmation helping in increasing efficiency and reducing queues & customer waiting time on the shop floor. Instant voice-based confirmations of payments help merchants keep track of all transactions protecting them from getting duped by customers showing fake screens and false confirmations. Small merchants with feature phones, do not need to depend upon SMS confirmations. It has also enabled smooth & seamless digital payments for home delivery as the delivery executive can get instant voice confirmation after a QR-code based payment is made using the device.
Paytm has now introduced an all-new Soundbox 2.0, a ‘Made in India’ advanced IoT device that is powered by Paytm’s All-in-One payments & reconciliation technology. This new device comes equipped with a digitally enabled screen that gives instant visual confirmation of the paid amount along with the voice-based response. Merchants can also tap the ‘function button’ twice to fetch the payment summary for the entire day. This device is beneficial for merchants starting from street hawkers, medium to large retailers as it helps them in maintaining records of all transactions and streamlines all payments made during the day.
Paytm Soundbox 2.0 smart device also empowers merchants to record the net amount corresponding to the merchant’s collection along with voice-based confirmation. For example, the device during the closing hour would play the following message, “Today’s summary for Paytm QR code: Received 10 payments of Rs 100, done 3 refunds of Rs 20, Net amount to be settled is equal to Rs 80.” It also announces when the device has a full battery life of running out of charge. The device comes equipped with a 2000 mAh battery, has a SIM card slot and can be operated without a wifi connection.
While it is available in five languages including English, Hindi, Tamil, Telegu & Kannada, the company plans to add more regional languages including Marathi over the next few months. It comes equipped with Paytm All-in-QR, which enables merchants to accept unlimited payments at zero percent fees directly into their bank account. There are several easy payment plans which the merchant can choose from to acquire a Soundbox. Also, as it is battery operated that helps street hawkers with no stable power source to accept digital payments on the go.
Paytm Smart POS for Android phones
Paytm Smart POS for Android phones application transforms a smartphone into a device that accepts debit & credit card payments just like a normal EDC machine. Supported by the Paytm for Business app, the one application to manage all business, the Smart POS enables merchants to seamlessly start accepting contactless card payments anytime, anywhere. The company has partnered with leading financial services institutions including Visa & MasterCard for facilitating card payments for Smart POS. It would soon be live with Rupay as well.
Paytm aims to equip millions of street hawkers, small merchants, MSMEs, tuck-shop owners, kirana stores who have smartphones with this service.
Merchants simply need to sign up on the Paytm for Business App, after which they will be required to download the ‘Paytm Smart POS’ on their Android-based mobile phones. Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones. The payment is then successfully collected and transferred to the merchant’s account along with the other QR payments. This provides the businesses with a single-point easy reconciliation.
Extensively used by over 1 crore merchants, the Paytm For Business app is the one application to manage all business needs, view all their transactions in one place, order Paytm QR merchandise and also transfer payments instantly to their bank accounts at any time. They can also avail multiple business services & financial solutions such as loans, insurance, among other services.