One 97 Communications Limited, the parent company of Paytm, has launched the nation’s first ‘Paytm NFC Card Soundbox.’ This device, launched on Tuesday, integrates NFC technology with mobile QR payments, offering a cost-effective solution for card payments to offline merchants.

What Happened: The Paytm NFC Card Soundbox is a dual-purpose mobile QR payment device that also functions as a card payment machine. The device aims to democratise access to secure NFC card-reading technology for small businesses, offering them an affordable solution for accepting a wide range of payments, including credit or debit cards and UPI. Customers can simply tap their card or scan a QR code to make payments.

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The device boasts a long-lasting battery life of up to 10 days, reducing the need for frequent charging. It features instant audio confirmation and a display screen for transaction amounts, simplifying daily transactions for merchants and making their business operations more efficient and cost-effective.

A Paytm spokesperson stated, “We are committed to assisting India's small merchants by providing them with the latest technology to accept all types of payments at an affordable price. Today's launch of the ‘NFC Card Soundbox' marks the next chapter in the innovation of Paytm Soundbox, India's most loved and successful payment device.”

Last week, the payments giant received government approval to invest ₹50 crore in its payments division, a move that was delayed due to the company’s link to China. This approval will enable the unit to continue normal business service. The payment service contributes to one-fourth of the company’s consolidated revenue.

Price Action: Paytm’s share price was up 2.29% to trade at ₹505.35 in early trade on Tuesday.

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