Reliance is reportedly developing a pocket-sized small speaker for its Jio Pay service. As per a report, the device is expected to be similar to Paytm’s unique sound box, which confirms and audibly announces successful transactions to merchants.
Reliance pocket-sized sound box payment system details
- According to a report by TechCrunch, the company is currently testing the device with its own employees in some of its stores on its campus.
- The alleged pocket-sized payment speaker uses the company’s Jio Pay as the reconciler.
- As per the report, the company typically tests new products with its employees before making them available to the public.
- However, the specific timing or whether the company intends to introduce the sound box payment system is unknown.
The report also notes that Paytm has distributed millions of sound boxes to the market, making them available to merchants for a monthly fee of approximately Rs 129. It has transformed into a profitable subscription model.
It also mentioned that these devices go beyond their sound alerts, offering valuable insights into how merchants operate. This information makes it easier to provide loans based on their activities.
Sound boxes are compact devices equipped with a speaker and Bluetooth connectivity for those unfamiliar. They emit a voice notification whenever a UPI payment is successfully received from a buyer. This notification includes the payment amount, aiding sellers in confirming accurate transactions. The device eliminates the need for sellers and buyers to check transaction details on their smartphones manually.
Meanwhile, the development of the Reliance pocket-sized sound box payment system comes as no surprise, considering that Jio Pay serves as Reliance Jio’s UPI payment application. It follows a comparable strategy to the sound boxes of Paytm and PhonePe, which facilitate payments received on their respective platforms.
