In today’s fast-paced and ever-evolving world, we remain focused on expanding the mobile payment acceptance network by enabling merchants with cutting-edge products and technology. Our continuous innovation stands out as a powerful strategy to fortify the merchant community and enhance their business operations. From the inception of a simple QR code to the introduction of a diverse array of innovations such as soundboxes, card machines, and sophisticated payment gateways driving major ecommerce platforms in India, our journey has evolved, benefitting 3.8 Crore merchants.
These ongoing innovations play a pivotal role in expanding our Total Addressable Market (TAM), fostering merchant engagement, and facilitating card acceptance. They serve as the lifeblood of our pioneering journey, enabling us to seize new market opportunities.
As of Q2FY24, there are 92 Lakh merchants who have subscribed to our premium Soundbox and Card Machine are paying monthly subscriptions for them.
Among our latest innovations are groundbreaking products like the Card Soundbox that empowers merchants to accept mobile and card payments, in a cost effective way, with a convenient ‘tap and pay’ feature. Another notable addition is the ‘Pocket Soundbox,’ a compact, card-sized device designed to effortlessly fit into pockets. Ideal for merchants on the move, including auto drivers, delivery agents, and parking fee collectors, this product enhances convenience. Additionally, the recently launched Music Soundbox enriches merchant engagement by enabling them to enjoy music via a Bluetooth speaker.
“We are extremely bullish on the mobile payment acceptance in the country especially due to the new innovative products that we are offering which I mentioned on the right and they have a tremendous product market fit and each of them are solving a specific problem that merchants have either by growing TAM or growing stickiness or helping them with card acceptance,” said President and Group CFO, Madhur Deora in Q2 FY24 earnings call.
The resonance of “Paytm par 50 rupay prapt hue” has become an essential convenience for merchants and consumers alike, ensuring quick and secure transactions. Thanks to merchant subscriptions, revenue from payment business grew 28% year-on-year to ₹1,524 Crore, as of Q2FY24.
“I’m very happy to see the kind of innovation we’ve done in the last quarter. You must have seen the amount of attention we put to the merchant ecosystem in India and make every nook and corner of India digitally enabled and help us achieve incredible financial inclusion, that is the expectation of our government, regulators and everyone out there,” says our Founder and CEO, Vijay Shekhar Sharma in the latest September quarter earnings call.
In our ongoing pursuit to meet the evolving needs of merchants and consumers in the digital era, we will persist in introducing disruptive products as pioneers in QR technology and mobile payments.