Paytm introduces 'Soundbox' for card payments: All you need to know

Indian fintech company Paytm unveiled a 'soundbox' device on Monday, enabling merchants to accept mobile and card payments, including Visa, Mastercard, American Express, and the local RuPay network.

Priced at 999 rupees ($12.08), the 'Card Soundbox' not only facilitates transactions but also provides real-time audio payment alerts as a fraud prevention measure. This launch coincides with Pine Labs' introduction of a similar device at a significantly lower cost compared to a regular Point of Sale terminal.

Paytm, a competitor to Google Pay and Walmart's PhonePe in the Indian market, gained prominence during India's 2016 demonetization when high-value currency notes were banned. The move towards digital payments has since been embraced by various types of merchants, from small-scale vegetable vendors to larger showrooms.

Vijay Shekhar Sharma, founder and CEO of Paytm, emphasized the need for simple card acceptance for both merchants and consumers, akin to the convenience of Paytm's QR Code-based mobile payments.

Pine Labs aims to boost digital payment adoption in India with its cost-effective product, while other companies like PhonePe also offer similar 'soundbox' solutions that audibly announce the received payment amount.

Paytm's shares showed minimal movement on Monday, recovering from earlier losses during the trading session.