Reliance reportedly testing Paytm-like soundbox for UPI services
Since the emergence of UPI, carrying out financial transactions in India has become quite easy. It was introduced in 2016 by the National Payments Corporation of India as part of Prime Minister Narendra Modi's vision of a digital India. Be it large payments in shopping malls or purchasing groceries from street vendors, just scan a QR code, enter your UPI PIN and your transaction is done, it is that simple! Not just India, but other countries such as Singapore, Malaysia, Nepal, and recently France have started accepting payments through UPI.
With such a potential in the financial services sector, reports claim that Reliance is currently testing its own sound box which could become a part of its UPI services.
Reliance has been internally testing a soundbox in some of its stores, TechCrunch reported after speaking to a person familiar with the matter. For the unaware, financial technology companies such as Paytm and PhonePe provide a soundbox to merchants at a nominal cost. When a QR code is scanned and UPI payment is made, the soundbox automatically provides a real-time audio confirmation of the payment in several languages, making transactions convenient for merchants. Sounboxes feature a loudspeaker and a long battery life so that merchants don't have to keep it plugged in all the time. Some companies like PhonePe also offer bundled services with the soundbox such as doorstep installation and free lifetime replacement against manufacturing defects.
As per the report, Reliance could also introduce its own soundbox that would work with JioPay, Mukesh Ambani's digital payment service which is a direct competitor to other UPI apps in India. PhonePe currently offers its soundbox at an initial cost of Rs. 50 along with a Rs. 50
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