Jio Payments is reportedly trying its “Jio Payments soundbox” in the market in order to further diversify the payment solutions it offers.
Jio Payments Soundbox Features, Pricing, and Availability
A biller platform, a Unified Payments Interface (UPI) platform, point-of-sale devices, and a payment gateway are already provided by the company. Because Jio can now provide its complete payment solution stack as a package, this will increase its market penetration.
The company will leverage Soundbox technology in its upcoming expansion to broaden its commercial reach, building on the success of its present Jio Pay App. The trial phase of Jio Soundbox has started, and it will soon be available in retail locations.
In tier-2 towns like Indore, Jaipur, and Lucknow, the device was first tested by Reliance group retail businesses. Jio’s sound box will hit the city marketplaces if these tests prove to be effective.
Jio Payments plans to roll out this solution at retail locations once two pilot projects are successful.
According to reports, the soundbox will be released to the public in eight or nine months, so there’s a good chance it could be presented this year. It is anticipated that Jio Soundbox’s business model will resemble that of its rivals, consisting of an initial payment and ongoing monthly subscription fees.
As a point of perspective, the basic Paytm Soundbox costs one rupee and has a monthly fee of one hundred and fifty. PhonePe’s soundbox cost Rs. 50 upon launch, and there was a Rs. 50 monthly membership charge. Although the Jio Soundbox price or membership cost is unknown, it is probably going to stay in the same range.
