Jio Payments reportedly testing Soundbox for merchants, may launch in 2024.

Jio Payments is reportedly testing a new product that will mark its expansion into the merchant payment solutions segment. The telecom giant’s payments gateway and solutions division is said to be working on a voice box for merchants. The Jio Soundbox reportedly functions as an audio payment verification device similar to devices from 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 sound box segment to further expand its offering of payment solutions. The company already offers its payment gateway, point-of-sale devices, as well as a Unified Payments Interface (UPI) and billing platform. This will further expand Jio’s reach in the market as it can offer its entire suite of payment solutions as a bundle.

The report highlights that Jio Payments has conducted two runs of the pilot project in tier-2 cities and smaller cities like Jaipur, Indore and Lucknow. With the successful completion of the pilots, the devices are now on display at Jio’s retail outlets in tier 1 cities and metros. The Jio Soundbox is reported to function similarly to devices from Paytm and PhonePe.

It is believed to be shaped like a small speaker and sends out audio signals for successful payments. The report further highlights that the sound box can double as a sales unit with the retailer’s QR code added on top of it.

The public launch of the sound box will reportedly happen within eight to nine months, which means there is a good chance that the device will be unveiled in the current calendar year. Jio Soundbox’s revenue model is expected to follow the same pattern as its competitors with an upfront fee followed by monthly subscription fees. For reference, the standard Paytm Soundbox is priced at Rs. 1 and a monthly fee of Rs. 125. At launch, the PhonePe soundbox was priced at Rs. 50 and had a monthly subscription fee of Rs. 50. Although the price or subscription fee of Jio Soundbox is not known, it is likely to be kept the same.