Indian fintech company Paytm has introduced a ‘soundbox’ device priced at 999 rupees ($12.08) that enables merchants to accept mobile and card payments from various networks, including Visa, Mastercard, American Express, and India’s RuPay. This Card Soundbox also offers instant audio payment alerts to prevent fraud. The launch of this device coincides with rival Pine Labs announcing a similar product at a lower cost compared to regular Point of Sale terminals. Paytm’s move aims to provide card acceptance as easily as mobile payments using Paytm QR Codes, making digital payment adoption more accessible for a wide range of merchants in India.
Competing players like Google Pay and Walmart’s PhonePe have also been active in the Indian digital payments market, which experienced significant growth after the government’s demonetization efforts in 2016, encouraging both merchants and consumers to embrace digital payment solutions.