Jio Payments, a subsidiary of the telecom giant Jio, is rumored to be working on a new product that will enter the merchant payments solution market. This product, known as the Jio Soundbox, aims to provide an audio payment verification device for merchants. With two pilot projects already completed, the company is gearing up for a potential launch by the end of 2024.
The decision to enter the soundbox segment signals Jio Payments’ intention to broaden its range of payment solutions. In addition to its existing payment gateway, point-of-sale devices, Unified Payments Interface (UPI) platform, and biller platform, the introduction of the Jio Soundbox would offer an all-encompassing payment solution stack to the market.
The Jio Soundbox is reported to function similarly to devices offered by competitors like Paytm and PhonePe. It is designed to resemble a small speaker and is capable of providing audio alerts for successful payments. Additionally, the soundbox can serve as a point-of-sale unit by displaying the merchant’s QR code on top of it, making transactions seamless and efficient.
Following successful pilot projects in tier-2 and smaller metro cities, the Jio Soundbox is now making its way to Jio’s retail outlets in tier-1 and metro cities. The public launch of the soundbox is anticipated within the next eight to nine months, positioning it for a potential debut in the current calendar year.
While details about the pricing of the Jio Soundbox remain undisclosed, industry standards suggest that it may adopt a model similar to its competitors. Paytm Soundbox, for instance, is priced at Rs. 1 with a monthly charge of Rs. 125, while PhonePe’s offering initially priced at Rs. 50 with a monthly subscription fee of Rs. 50. Although specifics are yet to be revealed, the revenue model for Jio Soundbox is expected to align with these industry benchmarks.
The potential launch of the Jio Soundbox marks an exciting development in the realm of merchant payments solutions. With its innovative features and competitive pricing, this product has the potential to disrupt the market and further solidify Jio Payments’ position as a key player in the payment solutions industry.