Paytm Brings IoT Into Digital Payments With ‘SoundBox’ – A SIM Enabled Device For App-Less Transactions!
Seems like a long time since we’ve heard a good news regarding Paytm. The digital payments company has been aired too many times now, all in connection to downfall in profits or the officials vacating their positions. Well, better late than never, we finally get to hear something good going on in Paytm.
Paytm is soon to release a smart payment device called ‘Soundbox’, which will smoothen the e-payment procedure.
The Upward Trajectory: Paytm SoundBox
Since its overnight stardom in 2016 during the demonetization phase, Paytm has been updating its services, with new and better payment options for its users. Along with proving recharging, booking movie tickets and so much more options, Paytm has grown into a full-fledged payments bank. It has also incorporated BHIM UPI in its system to ease the payments procedure through Paytm. Despite of all these measures, it is dramatically losing out its consumer ratio to competitors Google Pay and PhonePe.
While making transactions scanning the QR code, it isn’t believed to be completed unless the user vendor doesn’t get a confirmation message. In order to dilute this procedure of time lag and ease the payment experience, Paytm will launch a smart device, called ‘Soundbox’. It is like a speaker, with a SIM card slot attached, which will act as voice-activated POS (point-of-sale) machine for the retailer.
How Can It Save your Time and Ease the Experience?
The device will just be a speaker with a sim card slot, made by MediaTek MT6261 SoC, which is reputed for designing IOT devices. Retailer will no longer have to wait for the conformation message, instead the Soundbox will alert the retailer that the payment is complete. This comes extremely handy for vendors at the retail site, who lose track of innumerable payment messages.
With 4G connectivity, the vendors can focus on their without worrying about the payment details, as the device will be connected to the internet and coordinate online payments on behalf of the retailer. Along with this, retailers will not have to carry multiple handsets to keep a track of their Paytm transactions. The soundbox will handle it all.
The device will be issued to retailers for a subscription fee, just like Paytm gives retailers card-swiping machines for a premium cost. It is designed to handle payment procedures in a flawless manner. It will also perform many other functions, which as of now hasn’t been disclosed, neither has its date of release.
It is yet to know if the device will have a big impact on the way digital transactions take place on the Paytm platform, as of now. We are excited to look into when the company decides to officially air it for release. We will update you when that happens. Until then, do let us know what your views are on the Soundbox.