The company has deployed soundbox at around 8.5 crore point of sales and expect to match the same pace of deployment for the new devices.
New Delhi, Sep 4 (PTI)Â Fintech firm Paytm on Monday launched a soundbox device that lets merchants accept both mobile and card payments across networks — from home-grown RuPay to Visa, Mastercard and American Express.
The Rs 999 ‘Card Soundbox’ provides instant audio payment alerts to prevent fraud.
“The device will accept debit, credit pre-paid card, all UPI and wallet. It will allow payment through card tap. The maximum limit for card tap payment is Rs 5,000. Therefore it is very secure device. Credit card charges will apply as per the bank rules,” Paytm founder and CEO Vijay Shekhar Sharma said.
The device will be available for Rs 999 one time fee or for Rs 99 monthly subscription fee.
The company has deployed soundbox at around 8.5 crore point of sales and expect to match the same pace of deployment for the new devices.
“We deploy 1.2 million soundboxes per quarter. We expect it to grow,” Sharma said.
Sharma said that the devices are built indigenously and he will continue to push demand for production linked incentive scheme for payment devices.
“Paytm remain champion of make in India and made in India and payment devices made in India are good for India. We will continue to push for PLI for payment devices made in India,” he said.
Paytm President and COO Bhavesh Gupta said that the company is also in discussion with a bank to enable QR code based transactions during air travels.
He said that the credit cards are expected to continue for some time due to the “flaunt value” they hold.
Gupta said that India needs opportunity for card business to grow.
“Sad part of this business has been that credit card issuance has been robust but acquiring has not been. Even after maybe 30 years of card business in this country, we have seen about 40 lakh shops who accept cards and QR codes are at 5 crore shops and soundbox is at 85 lakh shops and growing. Arguably our world’s first soundbox which also accepts card. We are proud that we could build this product in India,” Gupta said.
He said there is a large population who would love to have credit instrument in their pocket and be able to flaunt it.
“For this flaunt value the product is going to exist for some time,” Gupta said.
