Paytm launches NFC card soundbox with integrated card payment system

Paytm NFC card soundbox will allow small shops to accept a range of payments, including credit and debit cards as well as UPI

One 97 Communications Ltd, the parent company of Paytm, a payments and financial services distribution company in India, has launched the country’s first ‘Paytm NFC Card Soundbox’. This payment device is designed to integrate ‘near field communication’ (NFC) technology with mobile QR payments. This means, the soundbox will also serve as a card payment machine as well as a receipt announcer, which could provide an efficient solution for card payments to millions of offline merchants.

The Paytm NFC card soundbox incorporates NFC card payment technology. This will allow small shops to accept a range of payments, including credit and debit cards as well as Unified Payments Interface (UPI). Customers will be able to tap their card or scan a QR code to make payments, aimed to improve payment convenience and speed.

 

Key features of the Paytm NFC card soundbox include:

- Extended battery life of up to 10 days

- Instant audio confirmation of transactions

- Display screen for transaction amounts

The device also supports notifications in 11 languages — English, Hindi, Gujarati, Bangla, Odia, Marathi, Punjabi, Telugu, Malayalam, Tamil, and Kannada.
 

These features aim to streamline day-to-day operations and improve efficiency.
 

In a press release issued by the firm, a spokesperson said, “We are dedicated to supporting India’s small merchants by equipping them with the latest technology to accept all types of payments at an affordable price. The launch of the ‘NFC Card Soundbox’ signifies a new era in the innovation of Paytm Soundbox, which is India’s most loved and successful payment device.”

“With this new device, merchants can effortlessly receive mobile payments from any UPI app and accept NFC-based debit and credit cards, all through a single device. This makes the Paytm NFC Card Soundbox the ultimate payment solution for offline merchants across the country,” the Paytm spokesperson said.
 

As of June 2024, competitor PhonePe has continued its dominance in the UPI ecosystem with more than 48 per cent market share, while Paytm has slipped to 7.93 per cent in June from 12.79 per cent in January.

In the first quarter of the ongoing financial year, the payments firms reported that its consolidated loss had widened to Rs 840.1 crore from Rs 358.4 crore loss reported in the same period last year. However, the number of merchants subscribing to Paytm’s devices saw a slight increase. In its financial report, the firm reaffirmed its focus on building and enhancing merchant payment solutions, including new devices and providing marketing services to merchants to drive more commerce opportunities.
 

Shares of One 97 Communications Limited were trading at Rs 498.00 on the BSE at 12.10 pm.