The adoption of digital payments in India has skyrocketed over the past few years, and the country is now one of the leading markets in the segment, driven by rapid adoption of online payments. While the digital payments revolution started off with focus on consumer-oriented innovations, leading fintech companies are now creating solutions for merchants to further strengthen the digital payments ecosystem.
Being the leading digital payments and financial services company in the country, we have been the first company to empower merchants with our range of subscription-based payment devices, including the revolutionary Soundbox that we introduced in India in 2019.
With over 5 billion (5,045 million) online payment transactions processed through our Soundbox devices in FY22, our innovative offering continues to be the leading payment reconciliation solution in the country. In addition to enabling merchants with seamless payments, our Soundbox devices have helped save paper slips worth 4.43 million pounds in the past one year.
Leading the Soundbox Revolution
Launched in 2019, our Soundbox has created a wave among merchants in the country as it was the first-ever device that enabled them to easily keep track of payments received from customers. The technology has become so popular among merchants in the country that competitors are now following our footsteps.
With the Soundbox technology, we are pioneering the next payments revolution in India by empowering merchants and driving ease of doing business after having led the digital payments revolution in India. Our Soundbox continues to be the most preferred choice for merchants in the country with unique offerings such as credit facility, 4G connectivity and cashbacks.
The Soundbox comes with a small portable speaker that helps merchants with instant audio alerts on receiving digital payments in their preferred regional language. It supports multiple languages such as English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi and Odia.
It works with multiple payment methods such as Paytm Wallet, Paytm Postpaid, Paytm UPI and other BHIM UPI apps, net banking and cards, therefore providing more flexibility and convenience to our merchants.
In addition to Soundbox, our innovative payment solutions for merchants include QR payments, EDC and Payment Gateway. In our latest monthly operating performance for July and August 2022, we have shared that we have now deployed over 4.5 million devices, aligned with our goal to further strengthen offline payments leadership.