Jio Payments Explores Soundbox for Merchant Use, Potential 2024 Launch
Jio Payments Soundbox Undergoes Two Pilot Runs in Tier-2 Cities: Reports
Jio Payments appears to be expanding its footprint within the merchant payments solutions arena, with reports indicating the testing of a novel product set to debut in the market soon. The telecom giant’s payment gateway and solution arm is reportedly developing a soundbox tailored for merchants, positioning itself alongside competitors like Paytm, PhonePe, and BharatPe. Having conducted two pilot projects with the device, Jio Payments is poised to launch the Jio Soundbox by the conclusion of 2024, marking a significant step forward in its payment solutions offering.
According to insights from The Hindu Business Line, the introduction of the Jio Soundbox signifies the company’s strategic move to diversify its payment solutions portfolio. Building upon its existing suite of offerings, which includes a payment gateway, point-of-sale devices, UPI platform, and biller platform, Jio aims to extend its market reach by offering a comprehensive payment solution stack to merchants.
The successful completion of two pilot runs in tier-2 cities and smaller metro areas such as Jaipur, Indore, and Lucknow underscores Jio Payments’ commitment to rigorous testing and refinement. With positive outcomes from these trials, the soundbox devices are now making their presence felt in Jio’s retail outlets across tier-1 and metro cities.
Functioning akin to counterparts offered by industry peers like Paytm and PhonePe, the Jio Soundbox is poised to streamline payment verification processes for merchants, enhancing efficiency and convenience in transactions.
Jio Payments is reportedly testing a new product that will mark its expansion into the merchant payments solution segment. The payment gateway and solution arm of the telecom behemoth is said to be working on a soundbox for merchants. The Jio Soundbox is reported to function as an audio payment verification device, similar to devices by Paytm, PhonePe, and BharatPe. The company has already conducted two pilot projects with the device and could launch the Soundbox by the end of 2024.
According to a report by The Hindu Business Line, Jio Payments is looking to enter the soundbox segment to further expand its payment solutions offering. The company already offers its payment gateway, point-of-sale devices as well as a Unified Payments Interface (UPI) platform and a biller platform. This would further extend Jio’s reach into the market as it can offer its entire payment solution stack as a package.
The report highlights that Jio Payments has conducted two runs of the pilot project in tier-2 cities and smaller metro cities such as Jaipur, Indore, and Lucknow. With the successful completion of the pilots, the devices are now showing up in Jio’s retail outlets in tier-1 and metro cities. The Jio Soundbox reportedly functions similarly to devices by Paytm and PhonePe.
