Paytm to deploy 1 mn IoT-based devices at merchant counters by FY21 end

Paytm Soundbox is an IoT device that lets merchants get instant voice confirmation of payments in different languages

Digital financial services platform Paytm will deploy one million Paytm Soundbox devices by the end of this financial year, which is an IoT product that empowers merchants with instant voice confirmation to keep a check on payments. This confirmation can be received in several different languages, bringing more transparency to digital transactions.

The company said it has already empowered over 200,000 street hawkers, kiranas and merchants across the country with Paytm Soundbox. The device comes with Paytm All-in-QR, enabling the merchants to accept payments at zero per cent fees directly into their bank account. As soon as a transaction is completed, the Soundbox confirms the total amount received against a purchase. The device comes with a SIM card and can operate without any wi-fi connection.

“Paytm Soundbox ensures that everyone starting from small shopkeepers and street hawkers to MSMEs never miss a digital payment and confidently complete transactions. In the future, this device will become an access point to multiple services for our merchant partners,” said Narendra Yadav, Vice President - Paytm.

Other IoT devices that the company has to offer include all-in-one POS, all-in-one QR code, Paytm for Business App, and Business Khata.