In the fast-evolving world of digital payments, we have emerged as a leader in empowering merchants to accept cashless transactions. With our innovative Soundbox device, we have revolutionized the way merchants do business, making it easier and more convenient for them to embrace a cashless future.
The adoption of our Soundbox among merchants in India has been nothing short of extraordinary, with a new device being purchased by a merchant every 6 seconds. Our 2022 Recap highlighted interesting trends of transactions made through us last year. Paytm Soundbox is surely becoming the sound of merchant transactions in India.
Embracing Digital Payments
Our rapid adoption of Soundbox is a testament to the convenience and effectiveness of Paytm’s innovative solution, which has helped merchants streamline their payment process and build trust with their customers. As India continues to embrace digital payments, our Soundbox device has emerged as a game changer for merchants. We continue to cement our leadership in offline payments with more than 6.1 million merchants now paying subscriptions for payment devices like Soundbox and PoS.
A first of its kind in India, the device was introduced by Paytm in 2019 and provides instant audio confirmation to merchants whenever a payment is made through a Paytm QR code. This has helped to build trust between merchants and customers, as merchants can quickly confirm successful payments and reduce the risk of false confirmations or customer fraud.
The small portable device has emerged as a disruptor in digital payments, as our Soundbox continues to be the leading payment reconciliation solution in the country. We processed more than 5 billion digital payment transactions through our Soundbox devices in FY22.
Game-changer for Merchants
When a customer makes a payment by scanning our QR code, the Soundbox notifies the merchant of successful payments with a loud alert in their preferred regional language within seconds. This way, the merchant can attend to other customers without having to constantly check the phone for payment alerts.
In 2021, we also introduced an upgraded version of our Soundbox, known as Paytm Soundbox 2.0. This upgraded version includes a digital screen that provides instant visual confirmation of the paid amount, in addition to the audio notification. It also has our All-in-One QR Code, enabling merchants to accept payments from multiple instruments like Paytm Wallet, Debit & Credit Cards, Net Banking and Paytm UPI.
It’s clear that our Soundbox has played a pivotal role in establishing digital transactions as a safe and secure process. As we continue to innovate with the Soundbox, our commitment to empowering merchants and building trust in the industry has made us a pioneer in the field. It’s no wonder that our Soundbox is the preferred merchant device for millions of businesses big and small.