Indian ecommerce company Paytm has introduced an Android-based smart PoS system and has the goal of equipping retailers with five million IoT devices over the next few years.

The company has built India’s largest network of more than twenty million merchant partners and has helped them grow their business by empowering them to accept digital payments via Wallet, UPI, cards and net-banking. It continues to push offline retail payments with over 900,000 merchants benefiting from Paytm IoT devices.

Paytm Soundbox has played a pivotal role in establishing digital transactions as a safe and secure mode of payments, enhancing the trust of businesses and consumers to move digitally. With this IoT-based device, merchants do not need to keep checking their mobile phones for confirmation helping increase efficiency and reducing queues and customer waiting time on the shop floor.

Instant voice-based confirmations of payments help merchants keep track of all transactions protecting them from getting duped by customers showing fake screens and false confirmations. Small merchants with feature phones do not need to depend on SMS confirmations. It has also enabled smooth and seamless digital payments for home delivery as the delivery executive can get instant voice confirmation after a QR-code based payment is made using the device.

The positive impact on the lives of small merchants and hawkers was visible during a recent interaction of prime minister Shri Narendra Modi with a woman fruit-seller Preeti. When asked about the device placed on her cart, she displayed the Paytm All-in-One Soundbox explaining how it helped her accept digital payments and get confirmation instantly. She said: “Achaa hai na? Saamne Waala Paagal Nahi banaa Sakta”, which translated means: “It’s good no? No one can make a fool of me.”

After the success of Soundbox, Paytm is now introducing Soundbox 2.0, an IoT device that is powered by Paytm’s All-in-One payments and reconciliation technology. This device comes equipped with a digitally enabled screen that gives instant visual confirmation of the paid amount along with the voice-based response. Merchants can also tap the function button twice to fetch the payment summary for the entire day. This device can be beneficial for merchants starting from street hawkers to medium to large retailers as it helps them maintain records of all transactions and streamlines all payments made during the day.

Soundbox 2.0 also empowers merchants to record the net amount corresponding to the merchant’s collection along with voice-based confirmation. It also announces when the device has a full battery life or running out of charge. The device comes equipped with a 2000mAh battery, has a SIM card slot and can be operated without a wifi connection.

It is available in five languages – English, Hindi, Tamil, Telegu and Kannada – with plans to add more regional languages including Marathi over the next few months. It comes equipped with Paytm All-in-QR, which enables merchants to accept unlimited payments at zero per cent fees directly into their bank account.

There are several easy payment plans the merchant can choose from to acquire a Soundbox. Also, battery operation helps street hawkers with no stable power source accept digital payments on the go.

After enabling digital payments with QR-code technology and democratising financial services in the country with a host of services, the company has now launched another technological milestone, the Paytm Smart PoS for Android phones. This application transforms a smartphone into a device that accepts debit and credit card payments just like a normal EDC machine. Supported by the Paytm for Business app, the smart PoS lets merchants seamlessly start accepting contactless card payments anytime, anywhere.

The company has partnered with financial services institutions including Visa and MasterCard for facilitating card payments for smart PoS. It will soon be live with Rupay as well.

“Contactless payments or tapping to pay with a contactless card or mobile device have fast emerged as the preferred way to pay globally with nearly 60 per cent of Visa transactions outside of the USA occurring with a tap,” said TR Ramachandran, Visa’s group country manager for India and south Asia. “Paytm’s foray into the contactless card payment ecosystem will truly help propel the adoption and usage of contactless cards across India. As a pioneer of the tap to phone with EMVCo, at Visa we are particularly excited about Paytm smart PoS’s ability to offer a seamless, convenient and interoperable solution for merchants that will help them accept payments securely from millions of contactless cards in the market.”

Paytm aims to equip millions of street hawkers, small merchants, MSMEs, tuck-shop owners and kirana stores who have smartphones with this service. Merchants simply need to sign up on the Paytm for Business app, after which they will be required to download the Paytm smart PoS on their Android-based mobile phones. Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones. The payment is then collected and transferred to the merchant’s account along with the other QR payments. This provides the businesses with a single-point reconciliation.

Used by over ten million merchants, the Paytm for Business app can let businesses view all their transactions in one place, order Paytm QR merchandise and transfer payments instantly to their bank accounts at any time. They can also avail multiple business services and financial offerings such as loans and insurance.

“Paytm is committed to bringing new-age financial technologies and services to five crore small and micro-merchants in India,” said Vijay Shekhar Sharma, CEO of Paytm. “The launch of Soundbox 2.0 and smart PoS for Android phones expands opportunities for small businesses to experience these latest technologies at the most affordable price. Our in-store payment offerings including the pioneering All-in-One QR are examples of the best made in India technology.”