Reliance exploring UPI services with soundbox similar to Paytm

Ever since UPI was introduced in 2016 by the National Payments Corporation of India, conducting financial transactions in India has become incredibly convenient. This initiative was launched as part of Prime Minister Narendra Modi’s vision to transform India into a digital nation. Whether it’s making substantial purchases at shopping malls or buying groceries from street vendors, all it takes is a quick scan of a QR code, entering your UPI PIN, and voila! Your transaction is completed effortlessly. Interestingly, UPI’s popularity has extended beyond India’s borders, with countries like Singapore, Malaysia, Nepal, and even France now embracing this payment method.

Reports claim that Reliance is currently testing its own voice box, which could become part of its UPI services, as the financial services sector has such potential.

Reliance is planning to introduce soundbox

Reliance has been internally testing the soundbox in some of its stores, TechCrunch said after speaking to a person familiar with the matter. For the uninitiated, financial technology companies such as Paytm and PhonePe offer a voice box to merchants at a nominal cost. When the QR code is scanned and the UPI payment is made, the soundbox automatically provides real-time voice confirmation of the payment in multiple languages, making transactions convenient for merchants. Sounboxes have a speaker and a long battery life, so traders don’t have to keep it plugged in all the time. Some companies like PhonePe also offer services bundled with the sound box, such as door installation and free lifetime replacement in case of manufacturing defects.

According to the report, Reliance could also introduce its own soundbox that would work with JioPay, Mukesh Ambani’s digital payment service, which is a direct competitor to other UPI apps in India. PhonePe currently offers its soundbox at a starting price of Rs. 50 and Rs. 50 monthly payment. Paytm offers a wide range of sound boxes depending on the requirements, which comes with features like Bluetooth, digital display and more.

Seeing the popularity of sound boxes in the country, even Amazon and Google have reportedly developed their own sound boxes compatible with their respective financial services apps Amazon Pay and Google Pay. According to reports, Google has even started distributing devices manufactured by Soundpod in a pilot program.