Google Pay, a key player in India’s fintech sector, has announced the widespread rollout of SoundPods for merchants across the country in the coming months. This expansion builds on a successful limited pilot last year. Similar to Paytm’s soundbox, the Google Pay SoundPod is an audio notification device that informs merchants of QR code payments through audible alerts.
What to know? Ambarish Kenghe, Google Pay’s Vice President for Product, noted in a blog post that merchants have welcomed the SoundPods, praising their efficiency in reducing checkout times.
Kenghe highlighted the transformative impact of the Unified Payments Interface (UPI) in India, praising its ability to seamlessly integrate various elements of the financial ecosystem. This innovation, he suggests, is redefining financial possibilities globally.
As of January 2024, Google Pay, the second-largest UPI app after PhonePe, has facilitated a staggering 444.28 crore transactions valued at ₹6.35 lakh crore, outperforming PPBL in both transaction volume and value.
See also: Uber To Offer Bus And Metro Tickets In India, Thanks To ONDC Tie-Up
Why it matters: Amid regulatory challenges, the Reserve Bank of India (RBI) has directed Paytm Payments Bank Limited (PPBL) to halt new money receipts for transactions after March 15. The RBI has clarified that Paytm’s QR code and soundbox services will continue to operate, as long as they link to banks other than PPBL.
In the background of Paytm addressing merchant transaction issues and adjusting virtual payment address settings, Google Pay’s move to expand its SoundPod service signifies a strategic step in enhancing payment experiences for small merchants across India. The company is also advancing its mission to widen the availability of responsible credit, a venture that Kenghe describes as showing promising momentum.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Your update on what’s going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!