India’s homegrown digital financial services platform Paytm on Tuesday introduced a “Smart POS” (point-of-sale) application for Android phones as well as its latest Internet of Things (IoT)-based payment device, Soundbox 2.0.
The Paytm Smart POS is designed to empower merchants to accept card payments through their smartphones as this application transforms a smartphone into a device that accepts debit and credit card payments just like a normal EDC (electronic data capture) machine.
Supported by the Paytm for Business app, the Smart POS enables merchants to start accepting contactless card payments anytime, anywhere.
Paytm said it has partnered with leading financial services institutions including Visa and MasterCard for facilitating card payments for Smart POS. It would soon be live with Rupay as well, the company said.
Merchants simply need to sign up on the Paytm for Business App, after which they will be required to download the ‘Paytm Smart POS’ on their Android-based mobile phones.
Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones.
The payment is then successfully collected and transferred to the merchant’s account along with the other QR payments.
Paytm said it aims to equip millions of street hawkers, small merchants, MSMEs, tuck-shop owners, kirana stores who have smartphones with this service.
“Paytm is committed to bringing new-age financial technologies and services to 5 crore small and micro-merchants in India,” Vijay Shekhar Sharma, Founder & CEO of Paytm, said in a statement.
“Today’s 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.”
Paytm said it aims to equip businesses with 50 lakh IoT devices over the next few years.
Introducing the all-new Soundbox 2.0, Paytm said that the new device comes equipped with a digitally enabled screen that gives instant visual confirmation of the paid amount along with the voice-based response.
Merchants can also tap the “function button” twice to fetch the payment summary for the entire day.
This device is beneficial for merchants starting from street hawkers, medium to large retailers as it helps them in maintaining records of all transactions and streamlines all payments made during the day.
Paytm Soundbox 2.0 smart device also empowers merchants to record the net amount corresponding to the merchant’s collection along with voice-based confirmation.
For example, the device during the closing hour would play the following message, “Today’s summary for Paytm QR code: Received 10 payments of Rs 100, done 3 refunds of Rs 20, Net amount to be settled is equal to Rs 80.”
It also announces when the device has a full battery life of running out of charge. The device comes equipped with a 2000 mAh battery, has a SIM card slot and can be operated without a wifi connection.
While it is available in five languages including English, Hindi, Tamil, Telegu and Kannada, the company plans to add more regional languages including Marathi over the next few months.
It comes equipped with Paytm All-in-QR, which enables merchants to accept unlimited payments at zero percent fees directly into their bank account.