Paytm Launches 2 New and Improved Made In India Soundboxes

Paytm soundboxes

Three points you will get to know in this article:

  • New devices have 4G, improved sound, a longer battery, and 11 Indian language notifications.
  • Vijay Shekhar Sharma said new Soundboxes are better for India’s noise.
  • One97 Communications migrated merchants from Paytm to other UPI handles, followed by new launches.

Paytm's New Soundboxes

On Monday (April 22), the leading fintech company Paytm introduced two new soundboxes designed to accept UPI and credit card on UPI payments. According to a statement released by the company, these new devices are manufactured entirely in India and come with 4G network connectivity and improved sound quality. Additionally, the soundboxes have a battery life of up to 10 days and can display notifications in 11 languages, including English, Hindi, Gujarati, Odia, Marathi, Telugu, and Tamil.

Advantages of Paytm Soundboxes for Merchants

Our Soundboxes proudly hail from India, a testament to our dedication in nurturing the local payment ecosystem through indigenous software and hardware. The Paytm Soundbox empowers merchants of various scales, spanning from humble rickshaw drivers and doorstep food & grocery services to expansive retail giants,” expressed a spokesperson from Paytm.

During a webinar, Vijay Shekhar Sharma, the visionary founder and CEO of Paytm, emphasized that these new Soundboxes are meticulously crafted to thrive in the unique auditory landscape of India, ensuring seamless transactions even amidst bustling noise.

The recent launches follow closely after Paytm’s parent company, One97 Communications, successfully migrated its merchants from Paytm to a new payment system provider (PSP) for handling UPI payments.

Regulatory Compliance and Independence of Paytm Payments Bank

In mid-April, the fintech company announced that it had begun transferring its customers to different partner banks for payment services, such as Axis Bank, HDFC Bank, SBI, and Yes Bank. This move followed the Reserve Bank of India’s decision in late January to restrict Paytm Payments Bank (PPBL) from accepting new deposits or conducting UPI transactions due to regulatory non-compliance. After this, Paytm teamed up with several banks to ensure smooth sailing despite the RBI’s strict measures. In the webinar, Sharma clarified that Paytm Payments Bank operates independently, stressing that neither he nor anyone else from One97 Communications is directly involved with the bank. It’s worth mentioning that Sharma stepped down from the bank’s board in February, and since then, the board has welcomed new faces. Additionally, just this month, Surinder Chawla, the CEO and MD of Paytm Payments Bank, tendered his resignation.

Paytm launched innovative sound boxes on April 22 that support UPI and credit card payments, designed and manufactured in India with enhanced features. These devices cater to merchants of various scales, signaling a commitment to local payment advancement. The transition to new payment system providers and compliance measures reflect Paytm’s proactive approach to regulatory changes. Vijay Shekhar Sharma highlighted the soundboxes’ suitability for India’s noise environment. Despite recent resignations, Paytm continues to evolve in fintech, emphasizing independence for Paytm Payments Bank and sustained dedication to facilitating seamless transactions.

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