Paytm’s parent company, One 97 Communications Limited (OCL) launched India’s first Paytm NFC Card Soundbox on Tuesday (30 July, 2024). This innovative device combines NFC card payment technology with mobile QR payments.
This single device replaces the need for merchants to use separate EDC card machines, QR codes, and sound boxes for payment alerts. It combines all three functions into one convenient device.
Paytm in a post on social media platform X says that Paytm NFC Card Soundbox is a two-in-one mobile QR payment device that allows millions of offline merchants to accept both QR code and card payments. Customers can easily tap their debit or credit card or scan a QR code to pay.
Advertisement
What is NFC?
NFC, or Near Field Communication, is a technology that enables wireless data transfer between devices that are just a few centimeters apart. It is often used for contactless payments and data exchange.
Users can pay for their goods and groceries by simply tapping their NFC-enabled smartphone or card on a Paytm NFC Card Soundbox at the checkout counter. This allows for a quick and secure transaction without the need for physical cash or swiping a card.
Features of Paytm NFC Card Soundbox
The device offers an extended battery life of up to 10 days and provides instant audio confirmation for each transaction. It features a display screen to show transaction amounts clearly.
Additionally, it supports notifications in 11 different languages, including English, Hindi, Gujarati, Bangla, Odia, Marathi, Punjabi, Telugu, Malayalam, Tamil, and Kannada.
Also Read: SEBI’s New Proposal Will Curb Insider Trading in the Name of Relatives
During a virtual meeting to launch the device, Vijay Shekhar Sharma Founder & CEO of Paytm said that EDC machines often require maintenance and connectivity issues and are not an affordable option for merchants. With most payments now being mobile-based, merchants still need to keep an individual machine for accepting card payments.
Want to learn the art and science of managing your money? The 1% Club can help. Details here
