Jio Payments could Launch Soundbox For Merchants like Paytm

Payment services company Jio Payments has planned to enter the merchant payments solution segment. This payment gateway and solution unit of Reliance Jio, one of the big telecom companies, has prepared to bring Soundbox for merchants. It will be similar to the devices of Paytm, PhonePe and BharatPe. Jio Payments has started its trial.

According to a media report, Jio Payments Jio has planned to enter the soundbox segment to expand its range of payment solutions. It has a payment gateway, point-of-sale devices, a Unified Payments Interface (UPI) platform and a billing platform. The report said that the company has conducted trials in tier 2 cities and cities like Jaipur, Indore and Lucknow. The device is being installed at Jio retail outlets in tier 1 and metro cities. It will have a speaker and will send audio alerts for successful payments.

With the merchant’s QR code on this soundbox, it can also work as a point-of-sale unit. Jio Soundbox can be launched by the end of this year. For this, merchants may have to pay a fee as well as a monthly subscription charge. Paytm The price of Soundbox is Rs 1 and the monthly charge is Rs 125.

Paytm’s banking unit was ordered to stop operations by the Reserve Bank of India (RBI) due to compliance violations. This had increased the apprehensions of the fintech industry. Recently, RBI had given assurance regarding this industry. RBI Governor, Shaktikanta Das had said that the action taken against Paytm Payments Bank (PPBL) was against a regulated entity. He said, “This action was taken against a regulated entity. It was not against any fintech company. I do not understand why it is being believed that RBI has taken action against a fintech company. In this case, the action was against the payments bank.” In an interview to a business news channel, he had said that PPBL customers have got sufficient time till March 15 to shift their accounts and wallets to other banks.