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Reliance’s Jio Payments is testing its soundbox, the company’s merchant payment solution. The product, Jio Soundbox, functions as an audio payment verification device, much like what we’ve seen from companies like PhonePe, Paytm, etc. Per a recent report from The Hindu Business Line, the company has already conducted two pilots and is ready to launch the device commercially by the end of this year.
Jio Soundbox Could Provide Audio Notifications And Double As A POS Device
Jio Soundbox will mark the company’s foray into a segment that other established players dominate. Though it already provides its UPI platform and payment gateway, the Jio Soundbox will allow the company to sell all its services as a package. Going forward, Jio’s audio payment verification device will now show up in tier-one and larger metro cities. Like other soundboxes, the Jio Soundbox will notify merchants about the amount they’ve received digitally. Further, it doubles as a point-of-sale unit that carries the QR code.
The Company Has Already Conducted Two Pilots
Per the report, Jio has conducted the pilots in tier-two cities and smaller metros like Lucknow, Jaipur, and Indore at retail outlets owned by the company. Regarding charges, the company should follow what other players are doing. It could charge an upfront installation fee, followed by a monthly charge that gets waived after a set transaction threshold. Given the rise in UPI transactions, there’s a constant demand for audio payment verification devices among merchants such as fuel stations, departmental stores, and even local vendors operating on a cart.
Currently, Paytm leads the soundbox market with over 80 percent market share. However, the company is facing severe challenges after RBI’s restrictions on Payment Payments Bank’s operations. Hence, this might be the right time for the company to step in and capture a significant chunk of merchants. More information about the Jio Soundbox should surface in the coming days.
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