In light of the Paytm issue, Google will begin offering SoundPod audio devices to small retailers in India.
On February 22, Google said that millions of small retailers in India will receive SoundPods over the next several months. SoundPods are speaker devices that assist merchants in tracking QR code payments with audio alerts.
This news coincides with rival Paytm’s existential problem, since the Reserve Bank of India (RBI) barred Paytm Payments Bank from providing nearly all significant banking services in the nation starting on March 15, 2024.
Paytm and Axis Bank announced last week that they would be collaborating on merchant payment settlement. Through the use of an escrow account, Paytm parent One97 Communications has also moved its nodal account from Paytm Payments Bank Limited (PPBL) to Axis Bank.
Simultaneously, Paytm CEO Vijay Shekhar Sharma attempted to reassure customers and retailers about the survival of the company’s QR code and soundbox beyond March 15.
It’s important to keep in mind, though, that only soundboxes and QR codes connected to bank accounts other than PPBL will be active after March 15.
In light of the Paytm issue, Google will begin offering SoundPod audio devices to small retailers in India.
In June 2024, Google plans to discontinue the Google Pay app in the US as well. However, the decision will not affect Singaporean and Indian app users.
Google launched SoundPods following a year-long limited trial.
On February 22, Google said that millions of small retailers in India will receive SoundPods over the next several months. SoundPods are speaker devices that assist merchants in tracking QR code payments with audio alerts.
This news coincides with rival Paytm’s existential problem, since the Reserve Bank of India (RBI) barred Paytm Payments Bank from providing nearly all significant banking services in the nation starting on March 15, 2024.
last week that they would be collaborating on merchant payment settlement. The parent company of Paytm, One97 Communications, has also used an escrow account to move its nodal account from Paytm Payments Bank Limited (PPBL) to Axis Bank.
According to a Moneycontrol story earlier this week, Paytm is also in talks with a number of other institutions, including Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank.
The narrative continues below. PromotionTake Out the Ad
Simultaneously, Paytm CEO Vijay Shekhar Sharma attempted to reassure customers and retailers about the survival of the company’s QR code and soundbox beyond March 15.
It’s important to keep in mind, though, that only soundboxes and QR codes connected to bank accounts other than PPBL will be active after March 15.
Merchant pilots for a year
The narrative continues below. AdvertisementTake Out Ad
Following a limited trial of the SoundPod device last year, Google said that this expansion is the result of positive feedback from participating businesses who reported that the device shortens checkout times.
After competitors Paytm, PhonePe, and BharatPe have introduced speaker devices of a similar nature, Google will be the most recent company to do so with this launch. In 2020, during the initial wave of the Covid-19 pandemic, Paytm launched its Soundbox as the first attempt at resolving this issue.
According to Google, retailers can use the audio notification service by downloading the Google Pay for Business app and creating a subscription. To use this service, select a plan (daily or annual) and activate the daily settlement option.
In order to participate in the daily plan, merchants must first pay a one-time cost of Rs 499. After that, their settlement account will be debited Rs 5 per day for 25 days in a month. The merchant’s settlement account will be debited Rs 1,499 under the annual plan. One is able to
In addition to English, merchants will have access to the audio alerts service in six other Indian languages: Hindi, Kannada, Tamil, Bengali, Marathi, and Gujarati.
Google announced that merchants using audio notification systems can receive a guaranteed cashback of Rs 125 after accepting 400 or more transactions with GPay QR codes in a month, in an effort to encourage the use of its own QR codes.
In an effort to strengthen its financial services offerings in India, Google partnered with banks and non-banking financial companies (NBFCs) to launch a variety of credit-focused solutions for merchants and customers in October.
