Jio Payments, a division of the telecom giant Jio, is making waves in the merchant payments solution segment with the introduction of a new product – the Jio Soundbox. This innovative device is set to revolutionize the way merchants handle payments and transactions, offering a unique audio verification system that is similar to existing devices by competitors such as Paytm, PhonePe, and BharatPe.
With the successful completion of two pilot projects, Jio Payments is gearing up for the launch of the Soundbox by the end of 2024. This move represents a strategic expansion of Jio’s payment solutions offering, as the company aims to provide a comprehensive package that includes payment gateway services, point-of-sale devices, Unified Payments Interface (UPI) platform, and a biller platform.
The Jio Soundbox is designed to function as an audio payment verification device, housed in a compact speaker-like form factor. It not only provides audio alerts for successful payments but also doubles as a point-of-sale unit with the merchant’s QR code displayed on top. This dual functionality sets the Soundbox apart from its competitors and makes it a versatile tool for small businesses.
The public launch of the Jio Soundbox is expected within the next eight to nine months, signaling its imminent arrival in the market. While the exact pricing and subscription model for the device are yet to be revealed, it is likely to follow a similar structure to its competitors, with an upfront fee and monthly subscription charges. For comparison, the standard Paytm Soundbox is priced at Rs. 1 with a monthly charge of Rs. 125, while PhonePe’s soundbox initially cost Rs. 50 with a monthly subscription fee of Rs. 50.
The introduction of the Jio Soundbox marks a significant step forward for Jio Payments in the merchant payments solution segment. With its innovative features, dual functionality, and potential pricing model, the Soundbox has the potential to disrupt the market and establish Jio as a leading player in the industry. Keep an eye out for the official launch of the Jio Soundbox, as it promises to be a game-changer in the world of merchant payments.
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