Paytm, on Tuesday, released a new edition of its ‘SoundBox’ with extra solutions that facilitate payments’ acceptance as its attempts to equip 50 lakh traders with IoT-enabled devices.

The organization, which previously has more than nine lakh retailers utilizing its IoT devices, intends to carry 5 crore traders into the mainstream market with its resolutions.

Paytm has lately declared that it has gained over 1.2 billion monthly transactions driven by the extensive increase in financial services and offline payments.

Vijay Shekhar Sharma, the CEO and Founder of Paytm said, “Our target is 5 million IoT devices, (which is) 10 percent of the 50 million merchants…We are aiming to reach 50 million merchants in the next two years. Merchants have varied requirements and need different solutions for accepting payments.”

The firm has already encouraged payment acceptance through net-banking, wallets, cards, and UPI for more than 2 crore merchants; hence, assisting them in growing their business drastically, he added.

Sharma mentioned, “Soundbox devices have played a pivotal role in establishing digital transactions as a safe and secure mode of payments, enhancing the trust of businesses and consumers to move digitally.” By its IoT-based devices, traders don’t have to keep monitoring their phones for approval, improving performance, and decreasing queues and client waiting time on the shop floor.

Adding further, he said, “Instant voice-based confirmations of payments help merchants keep track of all transactions, protecting them from getting duped by those showing fake screens and false confirmations…The Soundbox 2.0 comes equipped with a digitally enabled screen that gives instant visual confirmation of the paid amount along with the voice-based response.”

Moreover, retailers can utilize the device to get the payment statement for the entire day and suggest when it doesn’t have the charge. The device currently supports five languages – Hindi, English, Kannada, Telugu, and Tamil; the organization intends to combine more regional languages, such as Marathi, within the last few months. 

Vijay said the firm is examining preparing the devices produced in India. The gadgets are currently imported from China, Taiwan, and some other countries. Moreover, Paytm’s Smart POS for Android mobile phones allows traders to allow card payments via their smartphones. This app converts a phone into a system that accepts credit and debit card payments like a conventional card machine.

Compatible with Paytm, smart POS allows merchants to seamlessly begin accepting contactless card transactions anywhere and anytime. Paytm has been associated with commercial services institutions, such as MasterCard and Visa, for aiding card pay for smart POS. 

Sharma said, “Paytm is committed to bringing new-age financial technologies and services to small and micro-merchants in India. The launch of Soundbox 2.0 and Smart POS for Android phones expands opportunities for small businesses to experience these latest technologies at the most affordable price.”

The in-store payment offerings of Paytm, including the All-in-One QR, are instances of the top ‘Made in India’ innovation, he added.

The Group Country Manager (India and South Asia) at Visa, TR Ramachandran, said, “As a pioneer of the Tap to Phone solution with EMVCo, at Visa, we are particularly excited about Paytm Smart PoS’s ability to offer a seamless, convenient and interoperable solution for merchants that will help them accept payments securely from millions of contactless cards in the market.”