On Monday, Paytm, the Indian fintech giant, launched two domestically produced soundboxes designed for UPI and credit card payments on UPI, aimed at delivering improved instant notifications upon receiving payments through QR codes.
Vijay Shekhar Sharma, the Founder and CEO, highlighted the superior sound quality and extended battery life of the advanced soundboxes, tailored for Indian conditions.
The launch coincided with One97 Communications Ltd's completion of merchant customer account migration from Paytm to other unified payments interface (UPI) handles.
Beginning on April 17, the migration process shifted customers to partner payment service provider (PSP) banks including Axis Bank, HDFC Bank, SBI, and Yes Bank.
A PSP bank facilitates UPI app connectivity with the banking channel, a function previously fulfilled by Paytm Payments Bank Limited (PPBL), an associate company of One97 Communications Ltd. However, PPBL's operations faced restrictions after RBI intervention.
Sharma stated that the soundboxes were created to address the high-noise environment in India, describing them as "legitimate India innovations".
The offerings include sleek versions of the Paytm soundbox and pocket soundbox, both waterproof and boasting features like 4G connectivity, instant audio confirmation, powerful speakers, and a battery life of up to 10 days. Additionally, they support notifications in 11 languages.
The Paytm Soundbox introduces Rupay Credit Card on UPI, offering zero MDR (Merchant Discount Rate) for transactions under Rs 2000, thereby aiding small merchants in reducing transaction fees, expanding their profitability, and making it easier to adopt digital payments.
Sharma highlighted the integration of credit card payments and seamless transactions within the Paytm app.
The Reserve Bank of India had recently ordered the banking unit, Paytm Payments Bank (PPBL), to stop accepting fresh deposits in its accounts or popular wallets, following non-compliance with norms.
Regarding PPBL's regulatory issues, Sharma distanced himself and One97 Communications Ltd, affirming faith in the bank's board without further comment.
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