Paytm and Pine Labs Unveiled New NFC-enabled Payment Soundbox

Paytm the pioneering Indian fintech company, that set off a revolution by introducing the innovative payment soundbox is taking its innovation a step further by introducing a brand new soundbox capable of accepting card payments. Paytm is effectively making a transformation into a point-of-sale machine for merchants. This expansion will broaden the ability to accommodate customers who prefer card payment over mobile applications.

Paytm soundbox is a compact device that has become a fixture on the desks of thousands of small merchants across the country. The device emits audio notifications each time a payment is made using a QR code. This audio announcement system picked up instant popularity and became synonymous with convenient transactions. The success of Paytm's original soundbox prompted other payment companies to emulate a similar model.

In a market with fierce competition in the rapidly growing internet market, Paytm is not the only player. Pine Labs another major fintech player in India has also launched a visually similar card-enabled soundbox simultaneously.

During a Zoom presentation, attended by top executives from Visa, Mastercard, and AMEX, Paytm unveiled its Card Soundbox, while Pine Labs announced its own offering.

What are the features provided by Paytm and Pine Labs Soundboxes?

Both the Paytm and Pine Labs soundboxes offer similar features which include

• Tap and Pay
• Long Battery Life
• Multilingual Alerts
• NFC Compatibility

These devices will allow users to "tap and pay" enabling merchants to accept card payments of up to Rs.5000. As they are made in India, these devices are powered by 4G network connectivity ensuring efficient and swift transactions.

Both these soundboxes will offer alerts in 11 Indian languages which can be customized by merchants through the respective apps. Additionally, users with NFC-enabled smartphones can also make payments via their phones by using the tap feature enhancing convenience and flexibility.

Here it is noteworthy that these devices rely on NFC based card approach and do not support the traditional card swiping method that aligns with the modern trends of digital payments.

The simultaneous launch by Paytm and Pine Labs signifies a transformative moment in India's digital payment system. As the nation is steadily moving towards a cashless economy these card-enabled soundboxes promise to play a pivotal role in simplifying and enriching the payment experience.