As per reports, Jio Payments has already conducted two sets of pilot runs for its soundbox in tier-2 cities.
The possible price of the Jio Soundbox remains unknown
Photo Credit: Reuters
Jio Payments is reportedly testing a new product that will mark its expansion into the merchant payments solution segment. The payment gateway and solution arm of the telecom behemoth is said to be working on a soundbox for merchants. The Jio Soundbox is reported to function as an audio payment verification device, similar to devices by Paytm, PhonePe, and BharatPe. The company has already conducted two pilot projects with the device and could launch the Soundbox by the end of 2024.
According to a report by The Hindu Business Line, Jio Payments is looking to enter the soundbox segment to further expand its payment solutions offering. The company already offers its payment gateway, point-of-sale devices as well as a Unified Payments Interface (UPI) platform and a biller platform. This would further extend Jio's reach into the market as it can offer its entire payment solution stack as a package.
The report highlights that Jio Payments has conducted two runs of the pilot project in tier-2 cities and smaller metro cities such as Jaipur, Indore, and Lucknow. With the successful completion of the pilots, the devices are now showing up in Jio's retail outlets in tier-1 and metro cities. The Jio Soundbox reportedly functions similarly to devices by Paytm and PhonePe.
It is believed to get the form factor of a small speaker and sends audio alerts for successful payments. Further, the report highlighted that the soundbox can double as a point-of-sale unit with the merchant's QR code added on top of it.
The public launch of the soundbox is reported to occur within eight to nine months, which means there is a high chance that the device will be unveiled in the ongoing calendar year. The revenue model of the Jio Soundbox is expected to follow the same template as its competitors with an upfront fee followed by monthly subscription charges. For reference, the standard Paytm Soundbox comes at the price of Rs. 1, and a monthly charge of Rs. 125. At launch, PhonePe's soundbox was priced at Rs. 50 and had a monthly subscription fee of Rs. 50. While the price or subscription fee of Jio Soundbox is not known, it is likely to be kept along the same lines.
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