- Paytm will launch a new payment device ‘Soundbox’ to allow app-less transactions for retailers.
- The device will come with a SIM card and it will have a speaker.
- The device is powered by MediaTek MT6261 SoC.
Paytm is a digital payment platform owned by One97 Communications, which allows you to transfer cash through integrated online banking, debit card and credit card, or by depositing cash through selected banks and partners. By using money in Paytm Wallet, you can pay for many things without using cash.
According to all details, it’s clear that Paytm wants to smooth the payment process with a new smart device. Called the ‘Soundbox’ it is a speaker with a SIM card slot which will act as a voice-activated POS (point-of-sale) machine for the retailer. The sound box will basically alert the retailer to complete the payment, instead, the retailer will have to wait for the SMS on his smartphone. There may be more features for this, but until now, it will only be used to accept payments. A user will need to scan the QR code on this device to make a payment.
In addition, the device will only come with a speaker. This device is powered by MediaTek MT6261 SoC which is specially designed for IoT devices. It will have 4G connectivity and it will be connected to the Internet to coordinate online payments on behalf of the retailer.
The retailer will no longer have to wait for a confirmation message, instead, the soundboard will search the retailer to complete the payment. This is very easy for buyers on the retail site, who lose track of aviation payment credits.
The device will be released to retailers for subscription fees, such as Paytm gives the retailers a card-swiping machine for premium costs. It is designed to handle payment procedures in an innocent manner. It will also do many other tasks, which have not been disclosed so far.
Now it is important to know whether the device will have a big effect on the way of digital transactions on the Paytm platform.