Jio Payments, a division of the telecom giant Jio, is rumored to be working on a new product that will see its foray into the merchant payments solution sector. The product in question is a device called the Jio Soundbox, designed to serve as an audio payment verification tool for merchants. This move is seen as a strategic one by Jio Payments to diversify its offerings and tap into the growing market for payment solutions for merchants.
The Jio Soundbox is envisioned to be similar in functionality to devices offered by competitors such as Paytm, PhonePe, and BharatPe. It is said to provide audio alerts for successful payments and can also double up as a point-of-sale unit with the merchant’s QR code displayed on top. The device is reported to have undergone successful pilot projects in tier-2 and smaller metro cities like Jaipur, Indore, and Lucknow. It is now set to make its way to Jio retail outlets in tier-1 and metro cities.
Market Expansion
By introducing the Jio Soundbox, Jio Payments aims to broaden its payment solutions portfolio, which already includes a payment gateway, point-of-sale devices, a Unified Payments Interface (UPI) platform, and a biller platform. This strategic move will enable Jio to offer a comprehensive payment solution stack to merchants, thereby increasing its market reach and competitiveness.
The public launch of the Jio Soundbox is expected to take place within the next eight to nine months, indicating that the device could be unveiled by the end of the current calendar year. While the exact pricing and subscription details are yet to be disclosed, it is anticipated that the revenue model of the Jio Soundbox will be in line with its competitors. For example, Paytm Soundbox is priced at Rs. 1 with a monthly charge of Rs. 125, and PhonePe’s soundbox was initially offered at Rs. 50 with a monthly subscription fee of Rs. 50.
Jio Payments’ entry into the merchant payments solution segment with the Jio Soundbox marks a significant step towards expanding its presence in the digital payments ecosystem. With its robust features and potential market reach, the Jio Soundbox has the potential to disrupt the existing landscape and offer merchants a convenient and efficient payment solution. As the device nears its public launch, it will be interesting to see how it fares in the competitive market and what benefits it brings to both merchants and Jio Payments as a whole.
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