Because they provide real-time confirmation of successful transactions, Paytm‘s soundboxes have been a groundbreaking product in India’s digital payments ecosystem. Nevertheless, direct credit or debit card payments were not supported by these soundboxes; instead, they could only be made through standard UPI (including credit card payments).
Paytm Launches New Soundbox with Tap-to-Pay Support for UPI payments in India
This Soundbox gives small retailers who accept payments under Rs. 2000 free MDR, leveraging the power of the Rupay Credit Card on UPI. Small businesses can increase their profitability and facilitate the adoption of digital payments by using this solution to reduce transaction fees. For food and grocery delivery businesses across the nation, who often handle a large number of small-value transactions every day, this service is especially helpful to street vendors.
Remarkably, UPI Lite X was unveiled by the National Payments Corporation of India and allows tap-to-pay transactions with UPI Lite. Paytm’s latest soundbox is now compatible with UPI Lite X and allows NFC payments.
With new offerings it is embracing this market area. Paytm’s merchant QR business was saved by its relationship with Axis Bank for a new nodal account.
Furthermore, shops may service clients across India because the Paytm Soundbox allows payments from all UPI apps.
