Reportedly, Jio Payments is testing a Soundbox for merchants and may launch it in 2024.
According to reports, Jio Payments has already carried out two rounds of pilot tests for its soundbox in tier-2 cities.
Reportedly, Jio Payments is testing a novel product as part of its foray into the merchant payments sector. The payment gateway and solution division of the telecom giant is reportedly developing a soundbox tailored for merchants. The Jio Soundbox is rumored to serve as an audio payment authentication device, akin to offerings from Paytm, PhonePe, and BharatPe. Allegedly, the company has conducted two trial runs with the device and aims to introduce the Soundbox by the conclusion of 2024.
As per a report from The Hindu Business Line, Jio Payments is eyeing entry into the soundbox segment to enhance its array of payment solutions. The company currently provides its payment gateway, point-of-sale devices, Unified Payments Interface (UPI) platform, and biller platform. This move would broaden Jio’s presence in the market by allowing it to offer its complete payment solution suite as a bundled package.
The report emphasizes that Jio Payments has executed two rounds of pilot projects in tier-2 cities and smaller metro areas like Jaipur, Indore, and Lucknow. Following the successful completion of these trials, the devices are now appearing in Jio’s retail stores in tier-1 and metro cities. The Jio Soundbox is said to operate in a manner similar to devices offered by Paytm and PhonePe.
The device is expected to resemble a compact speaker and will emit audio notifications to indicate successful payments. Additionally, the report noted that the soundbox could also serve as a point-of-sale terminal by incorporating the merchant’s QR code on its surface.
The public release of the soundbox is anticipated to take place within the next eight to nine months, indicating a strong possibility of its unveiling in the current calendar year. The revenue model for the Jio Soundbox is projected to mirror that of its competitors, involving an initial upfront fee followed by monthly subscription charges. For instance, the standard Paytm Soundbox is available for Rs. 1 upfront, with a monthly subscription fee of Rs. 125. Upon its launch, PhonePe’s soundbox was priced at Rs. 50 with a monthly subscription charge of Rs. 50. While the specific pricing details or subscription fees for the Jio Soundbox remain undisclosed, they are expected to align closely with these established parameters.
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