Indian eCommerce and payments firm Paytm debuted a new payment acceptance tool for merchants.
The innovative platform enables merchants to accept mobile and card payments across all Visa, Mastercard, Amex and RuPay networks, using the company’s Soundbox with tap and pay”capabilities.
The launch of the unique device is expected to transform in-store payments by expanding payment acceptance for merchants by combining Soundbox with NFC or contactless debit and credit card payments with mobile payments.
Vijay Shekhar Sharma, Founder & CEO of Paytm, said: “Paytm has always been at the forefront of innovating for India’s small businesses, solving their payments and financial services problems. Today with Paytm Card Soundbox, we take it to the next level.
“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.”
The soundbox is seen latest in a long list of innovations from the Indian company, as it looks to improve the efficiency and convenience of the payments process for merchants.
Gautam Aggarwal, Division President, South Asia, Mastercard said:“With cardholders increasingly exploring faster, convenient, and more efficient ways to transact, India has seen remarkable growth in contactless card payments.
“By putting the cardholder in control and uniquely encrypting each transaction, such payments reduce the risk of loss or counterfeit and double billing.
“The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.”
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