Card Soundbox for Mobile and Card Payments is Released by Paytm
According to PYMNTS, Indian eCommerce and payment giant, Paytm, has unveiled an innovative payment acceptance tool tailored for merchants, known as the «Card Soundbox.» This cutting-edge solution empowers merchants to effortlessly accept both mobile and card payments through Paytm’s Soundbox, equipped with «tap and pay» functionality, as outlined in a company blog post published on Monday, September 4th.
Paytm’s founder and CEO, Vijay Shekhar Sharma, highlighted the significance of this development, stating, «We have found that merchants and consumers need card acceptance as simply as mobile payments with Paytm QR Code. The launch of Card Soundbox will go a long way in merging the two requirements of merchants — mobile payments and card payments.»
This launch aligns perfectly with India’s burgeoning reputation as a hub for payments innovation and a pioneer in digital-first shopping experiences.
According to the PYMNTS report titled «2023 Global Digital Shopping Index: India Edition,» India leads the world in real-time payments, contributing a substantial 46% to the global tally. Notably, Indian consumers conduct more digital transactions than any other nation, reaffirming their strong inclination toward digital payment methods.
The report also disclosed that an impressive 55% of Indian consumers opted for the Unified Payments Interface (UPI), the country’s instant payment system, when making their most recent digital retail purchases. Concurrently, PYMNTS’ research indicated that digital wallets were the preferred mode of payment for 55% of retail transactions in India.
The report noted, «As one might expect, given India’s trailblazing nature, local consumers use more digital shopping features than their counterparts in the United States or the United Kingdom.»
These findings underscore the importance of offering a diverse array of payment methods in India, with an overwhelming 89% of merchants now providing multiple payment options to consumers. This demand for payment choices has substantially boosted Paytm’s payment business revenue, which saw a remarkable 31% year-over-year increase as reported by the company in July.
In a separate development, Reuters reported on Monday that Vijay Shekhar Sharma is contemplating increasing his ownership stake in the company, just weeks after becoming its largest shareholder.
«Paytm is truly an Indian company,» Sharma stated in the report. «It is a milestone that I’m able to acquire more stake in my company.»
Last month, Sharma acquired a 10.3% stake valued at $628 million in the company from Antfin, an affiliate of China’s Ant Group. Sharma expressed his eagerness to further expand his stake, stating, «Antfin has not indicated that they want to sell [a further] stake at the moment, but if they do, I will jump at any opportunity to buy more equity in Paytm,» as reported in the Monday Reuters article.