Financial services platform Paytm on Tuesday unveiled a new application – ‘Smart PoS’ – that will enable merchants to accept debit and credit card payments via their smartphones.
The company also announced a new version of its Internet of Things (IoT) -enabled ‘Soundbox’, which provides instant voice-based confirmation of payment to merchants.
“Our goal is five million IoT devices, [which is] Vijay Shekhar Sharma, founder and CEO of Paytm said that 10% of 50 million merchants… we are aiming to reach 50 million merchants in the next two years. “Today’s introduction of Soundbox 2.0 and Smart PoS for Android phones expands opportunities for small businesses to experience the latest technologies at the most affordable cost,” he said.
Smart PoS is supported by the ‘Paytm for Business’ app and enables merchants to accept contactless card payments using close communication (NFC) technology. The company has partnered with financial services institutions including Visa and MasterCard to facilitate card payments for Smart PoS.
TR Ramachandran, Group Country Manager, India and South Asia, Visa stated, “Contactless payments or tapping to pay with a contactless card or mobile device, faster globally with around 60% of Visa transactions Has become the preferred way to do it. America is happening with one tap. ”
Meanwhile, the new soundbox devices are equipped with digitally enabled screens that provide instant visual confirmation of the amount paid with voice-based feedback.