Jio Payments, the payment gateway and solution arm of the telecom giant Jio, is making strides in the merchant payments solution segment. The company is reportedly in the testing phase of a new product – the Jio Soundbox, aimed at providing audio payment verification for merchants. This move signals Jio’s desire to broaden its payment solutions offering and compete with industry players like Paytm, PhonePe, and BharatPe.
According to reports, Jio Payments has already conducted two pilot projects with the Jio Soundbox in tier-2 and smaller metro cities such as Jaipur, Indore, and Lucknow. The successful completion of these projects has paved the way for the Soundbox to be available in Jio’s retail outlets in tier-1 and metro cities. The potential public launch of this device is expected within the next 8 to 9 months, indicating a possible unveiling in the current calendar year.
The Jio Soundbox is designed to resemble a small speaker and provides audio alerts for successful payments. Additionally, it can serve as a point-of-sale unit with the merchant’s QR code displayed on top. This dual-functionality makes it a versatile tool for merchants looking to streamline their payment processes. With the expansion of Jio’s payment solutions stack, the Soundbox can be offered as part of a comprehensive package to cater to the needs of businesses.
Like its competitors, the revenue model for the Jio Soundbox is expected to follow a similar structure – an upfront fee along with monthly subscription charges. While the exact pricing details for the Jio Soundbox are not disclosed, comparisons can be drawn with existing products in the market. For instance, the Paytm Soundbox is priced at Rs. 1 with a monthly charge of Rs. 125, while PhonePe’s offering initially cost Rs. 50 with a monthly subscription fee of Rs. 50. It remains to be seen how Jio will position its Soundbox in terms of pricing and subscription fees to stay competitive in the market.
Jio’s foray into the merchant payments solution segment with the Jio Soundbox signifies its commitment to expanding its presence in the digital payments ecosystem. By leveraging its existing infrastructure and customer base, Jio aims to offer a convenient and efficient payment solution for merchants across India. The upcoming launch of the Jio Soundbox presents an exciting opportunity for businesses to enhance their payment processes and improve the overall customer experience.
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