Phonepe Officially Announces Smart Speaker Following Qr Code Burning Incident Involving Paytm Employees

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The device provides payment notifications in 11 Indian languages, comes with up to four days of battery life, home installation at just Rs 50 as an initial setup cost and a low monthly rental of Rs 50 per month, the company added.

Digital payments giant PhonePe has officially launched its smart speaker for reliable and convenient in-store payment tracking. The smart speaker has launched in eight cities and more than 100,000 devices are already in use by PhonePe’s merchant partners, according to a statement.

The device provides payment notifications in 11 Indian languages, comes with up to four days of battery life, home installation at just Rs 50 as an initial setup cost and a low monthly rental of Rs 50 per month, the company added.

Paytm was the first fintech to launch its Soundbox in 2020, during the first wave of the pandemic. Following this, BharatPe launched its speaker in February and claims to have onboarded 300,000 merchant partners.

Moneycontrol had earlier reported that Paytm’s Soundbox, which announces the receipt of payments for merchants, faces stiff competition from rival PhonePe.

The July 29 complaint identified three Paytm employees believed to be in the video, including a former PhonePe employee, the report added.

Paytm said it suspended all three employees, pending investigations. The company said the issue relates to PhonePe and its former employee.

“We do not tolerate any act of misconduct and always adhere to the highest standards of work ethics. Paytm pioneered QR code payments in the country and is very proud to contribute significantly to the growth of the ‘Indian digital ecosystem,’ the spokesperson said. says Moneycontrol.

According to a Macquarie report, Paytm is set to see a Rs 400 crore hit to revenue and Rs 500 crore to EBITDA from the business if it makes rentals zero on all of its merchant audio devices. The impact amounts to 8% on revenue and 20% on EBITDA for the prior year of FY22, the report adds.

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