Paytm reveals a payments terminal

Paytm, the Indian fintech firm has revealed that it has launched a “soundbox” device that lets merchants accept both mobile and card payments across networks including Visa, Mastercard, American Express and homegrown RuPay.

The ₹999 (US$12.08; R229) Card Soundbox also provides instant audio payment alerts to prevent fraud, and it comes as rival Pine Labs announced a similar device at “nearly one-third of the cost of a regular point-of-sale terminal”.

The company is currently competing with companies like Google Pay and Walmart’s PhonePe in India, and it rose to fame as digital payments gained traction after India banned some high-value currency notes back in 2016.

Merchants in different markets have started accepting digital payments, from vegetable vendors to big showrooms.

The founder and CEO of Paytm, Vijay Shekhar Sharma, said in a statement: “We have found that merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code.”

Initially, Pine Labs had mentioned that their “price-friendly product” was expected to boost digital payment adoption in India. Companies like PhonePe also make the so-called soundbox, which reads out the amount of money received by the merchant.

The company shares for Paytm ended mostly flat on Monday, trimming some losses made earlier in the session.