Highlights

• Introduction of Paytm’s Pocket Soundbox and Music Soundbox to cater to the mobility and entertainment needs of modern merchants.
• Entirely made in India, reflecting Paytm’s commitment to indigenous manufacturing and innovative technology.
• The products are strategically priced as subscriptions to nurture relationships with merchants and encourage loyalty.
• A clear future vision for continuous development and innovation, aligning with Paytm’s goal to lead and evolve in the digital payment space.

Ripunjai Gaur, Chief Business Officer-Offline Payments at Paytm, opens up in an exclusive conversation about the revolutionary new products, the Pocket Soundbox and Music Soundbox, from the Paytm portfolio.

Delving into the thought process, development, and applications of these devices, the interview provides a comprehensive insight into Paytm’s dedication to enhancing the digital payment experience.

Kaul explains how these soundboxes not only fulfil the conventional role of payment confirmation but also cater to the entertainment and mobility needs of modern merchants.

The Pocket Soundbox aims to assist those constantly on the move, while the Music Soundbox combines payment functionality with entertainment.

Together, these innovations symbolise Paytm’s strategic approach to integrating technology with everyday needs, reflecting their commitment to expanding digital accessibility and convenience across India.

Q: Explain the pocket soundbox and how will it help retailers and merchants?

Ripunjai Gaur: The Pocket Soundbox is specifically engineered for individuals and merchants on the move. Its two-fold usage extends to home delivery personnel, taxi drivers, food delivery agents, and even those dealing with challans.
By replacing the need to check the Paytm app, it simplifies payment confirmations and caters to an important mobile merchant segment. The innovation symbolises Paytm’s ongoing commitment to enhancing the payment experience and recognises the growing need for mobility in today’s fast-paced world.

Q: What are some real-world scenarios for the Paytm Music Soundbox?

Ripunjai Gaur: The Paytm Music Soundbox is more than just a payment confirmation tool; it’s an entertainment hub designed for the merchant community. Understanding that about 90 percent of merchants start their day with pooja and often like to have music playing, Paytm combined the functionality of payment notifications with music, news, or match commentary.
This multipurpose tool keeps them entertained without missing any payment alerts, demonstrating a profound understanding of the day-to-day lives of merchants.

Q: What is the inspiration behind this Music Soundbox?

Ripunjai Gaur: Inspiration was drawn directly from the needs and desires of the merchant community. Paytm’s social media event revealed that merchants often crave entertainment, such as movies, news, music, and songs.
The Music Soundbox was thus conceptualised to provide a seamless and automated media-playing experience without any extra effort, reflecting Paytm’s dedication to customer-centric innovation.

Q: Where is the Music Soundbox being made and how much is it being sold for?

Ripunjai Gaur: Proudly made in Noida, India, the Music Soundbox reflects the company’s commitment to indigenous manufacturing. From parts to chipset, everything is crafted domestically. This product, along with the Pocket Soundbox, is sold as a subscription, ranging from Rs 0 – 80 or 0 -180 per month. Pricing flexibility based on the merchant’s history with Paytm emphasises a relationship-driven approach, promoting loyalty and trust.

Q: What about the success of the original Paytm Soundbox?

Ripunjai Gaur: The original Paytm Soundbox symbolises a remarkable milestone in digital payment technology. Serving as a technological marvel, it extends digital experiences to tier 3 and tier 4 cities, reflecting the vision to democratise digital payments across the nation. As a pioneer product, it has facilitated innovation in products like PoS machines and represents Paytm’s unwavering journey to support merchants and advance digital payments.

Q: Talk about the training initiatives for the merchants to use this soundbox?

Ripunjai Gaur: Paytm’s philosophy prioritises an intuitive design that merchants can operate independently. While training through social media and the Paytm for Business app is available, the emphasis lies in creating a product so robust that merchants understand how to use it without extensive training.
This strategy aligns with the broader vision of advancing Digital India and emphasizes Paytm’s faith in empowering users.

Q: What is the future for soundbox?

Ripunjai Gaur: Paytm’s future vision for the soundbox is marked by an unceasing drive towards development, innovation, and enhancement. This commitment is not just limited to their existing products but also shapes their overarching strategy. With prior successes, such as the integration of screens with Point of Sale (PoS) machines, Paytm has already proven its prowess in utilizing technology to elevate the digital payment experience.

The future of the soundbox is set to see a trajectory that extends beyond current functionalities. By continuously exploring new avenues and technologies, Paytm aims to further fine-tune the soundbox’s features, making it more adaptive and user-friendly. Whether it’s the seamless integration of payment notifications with entertainment in the Music Soundbox or the mobility features of the Pocket Soundbox, Paytm is determined to keep pushing the boundaries.

FAQs

What is the Pocket Soundbox, and how does it cater to mobile merchants?

The Pocket Soundbox is designed to assist individuals and merchants on the move, such as delivery personnel, taxi drivers, etc. It simplifies payment confirmations, reflecting Paytm’s vision of enhancing payment experiences.

How does the Paytm Music Soundbox combine payment functionality with entertainment?

Paytm Music Soundbox integrates payment notifications with music, news, or match commentary, providing entertainment without missing payment alerts, and is tailored to the daily lives of merchants.

How does Paytm ensure that the new Soundboxes are user-friendly?

Paytm emphasizes creating intuitive designs that merchants can operate independently. They strive for robust products that require minimal training, aligning with the broader vision of advancing Digital India.

What is Paytm’s future vision for the soundbox?

Paytm aims to continuously develop and enhance the soundbox, exploring new technologies to make it more adaptive and user-friendly. The commitment to innovation reflects Paytm’s ambition to lead in the digital payment landscape.