Paytm launches ‘Card Soundbox’ for UPI, debit and credit card payments

Fintech firm Paytm on Monday launched a ‘soundbox’ device that lets merchants accept both mobile and card payments across networks including Visa, Mastercard, American Express and homegrown RuPay. The launch of the Rs 999 ($12.08) ‘Card Soundbox’, which also provides instant audio payment alerts to prevent fraud, comes as rival Pine Labs announced a similar device at “nearly one-third of the cost of a regular Point of Sale terminal”.

Paytm, which competes with players such as Google Pay and Walmart’s PhonePe in India, rose to fame as digital payments gained traction after India banned some high-value currency notes in 2016. Every segment of merchants, from vegetable vendors to big showrooms, have started accepting digital payments.