Paytm, a leading Indian digital payments and financial services company has entered into a strategic partnership with RBL Bank to provide its innovative Soundbox and card machines to the bank’s merchant partners. This collaboration is expected to boost the adoption of digital payments in the country through the provision of seamless and efficient payment solutions to merchants.
Enhancing Merchants with New and Improved Payment Solutions
In this partnership, RBL Bank’s merchants will be able to accept a wide array of payment options from Paytm’s pioneering Soundbox and card machines. This will include:
- Unified Payments Interface (UPI)
- RuPay credit card on UPI
- UPI Lite
- Debit and credit cards
- EMI options from leading banks.
This integration is useful for both the merchant and the customer to have a smoother and more convenient transaction process.
Paytm’s payment devices that incorporate innovative features in the new partnership.
The Soundbox by Paytm has completely changed the way of in-store digital payments as it provides instant audio confirmation of every transaction. The latest NFC Card Soundbox enhances this functionality to support ‘Tap and Pay’ transactions, enabling merchants to accept payments from domestic and international debit and credit card users. The device offers multilingual audio alerts in 11 languages and thus suits the purpose of reassuring the merchants and customers.
Furthermore, Paytm’s card machines (Electronic Data Capture devices) provide secure and efficient payment acceptance and support a number of payment types. In addition, through Paytm’s large network of more than 17 partner banks, merchants can also provide their clients with low and zero-cost EMI options for large purchases.
Real time Transaction tracking and Instant Settlements.
Merchants will also get the benefit of the Paytm for Business dashboard that helps in real time tracking of the transactions and instant settlement. This feature is very useful in improving the operations and accountability of the business in order to meet the financial management requirements.
Paytm and RBL Bank Executives share their views regarding the new partnership.
Ripunjai Gaur, the Chief Business Officer – Offline Payments at Paytm said, “We want to make payments easy for merchants through solutions that not only increase efficiency but also build trust. Getting RBL Bank to partner with us means we can push out our pioneering Soundbox and card machines to more companies of all shapes and sizes to accept digital payments with ease.”
Narendra Agrawal, Head of Branch Banking & Retail Liabilities at RBL Bank said, “We are very much happy to have collaborated with Paytm to provide online payment solutions to the merchants on our network. This partnership is in line with our mission to facilitate real time, safe and effective payments.”
This partnership is evidence of the digital payment ecosystem that Paytm and RBL Bank is helping to develop in India. With the provision of better payment tools, the collaboration is expected to improve the payment process, include the unbanked and unfit, and contribute to the shift towards a cashless economy in the country.
As more and more people embrace digital payments, such alliances are critical in empowering business and consumers, and in shaping a more integrated and effective financial system.
