Google Providing SoundPods Audio Devices to Small Sellers in India Amid Paytm Crisis
Google is also discontinuing the Google Pay app in the United States in June 2024. The move, however, would not affect app users in India or Singapore.
Google introduced the SoundPods for QR code payment monitoring
On February 22, Google announced the beginning of SoundPods, a speaker device designed to help traders monitor QR code payments through audio alerts. This innovative solution is ready to reach millions of small traders across India in the coming months.
Paytm faced challenges among RBI restrictions
This development corresponds to the challenges facing rival PaytM, which is dealing with the crisis of existence after the Reserve Bank of India (RBI) decision to ban Paytm Payments Bank from offering almost all major banking services starting March 15, 2024.
Paytm’s Response: Cooperation with Axis Bank
In response to RBI restrictions, Paytm has collaborated with Axis Bank for settlement of trader payments. Paytm’s parent company One97 Communications has transferred its nodal account through the Escrow account from Paytm Payments Bank Ltd (PPBL) to Axis Bank. Paytm is also discussing with many other banks, including YES Bank, HDFC Bank, ICICI Bank and Canara Bank.
Assurance of Paytm’s CEO Vijay Shekhar Sharma
Despite the challenges, Paytm’s CEO Vijay Shekhar Sharma assured consumers and traders that the company’s QR code and soundbox will continue to work even after March 15. However, it is important to note that only QR codes and soundboxes connected to another bank account other than PPBL will be on. beyond the specified date.
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Google’s Entry to Payment Tracking Device Market
Google’s announcement has taken place after one year of its SoundPods device’s limited pilot, receiving positive feedback from traders participating in reducing checkout time. This step installs Google as the latest entrance to the market of speaker devices designed for payment tracking, which competes with Paytm, PhonePay, and IndiaPay.
Measurement of payment tracking devices
These devices have emerged as an important alternative revenue source for Fintech companies, as well as helping trader retention.
Google Pay for Business App: Subscription Plans
Google has launched an audio notification service accessible to traders via subscription on Google Pay for Business App. Traders can opt for a daily or annual plan to take advantage of this service and activate the daily settlement option.
Price Setting Schemes and Language Options
Under the daily scheme, traders pay a unilateral fee of Rs 499, after which a daily deduction of Rs 5 for 25 days is made. In the annual plan, Rs 1,499 is cut from the trader’s settlement account. Traders can benefit from audio alert services in six Indian languages.
Incentive for Merchants
To encourage the use of their QR code, Google Audio provides a guaranteed cashback of Rs 125 to traders using the notification services provided they accept 400 or more transactions a month through the GPay QR code.
Google Financial Services in India
In October, Google announced a series of credit-centered products in India, cooperating with banks and non-banking financial companies (NBFC) to strengthen its offer of financial services.
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Google Pay Closed in the USA
Along with this, Google has announced to close the standalone Google Pay app in a phase-by-step way in the United States. Google Wallet, a digital wallet that facilitates quick access to a payment card, loyalty card, pass, tickets, keys or ID, will close operations on June 4, 2024.
Changes to the United States: Features in Google Wallet are still available
Popular features like taping to pay in-store and managing payment methods will still be available in Google Wallet, reportedly five times more usage than the Google Pay app in the United States.
Close peer-to-peer payments in the US
Google is also closing its peer-to-peer payment service in the United States. The company, however, emphasizes that this decision will have no impact on the Google Pay app in India and Singapore, as it is developing to meet the specific needs of these countries.
We’ve invested in making payments as fast and seamless as possible – such as improving Google Pay autofil in Chrome, making it easier to pay for public transit and expanding the types of nearby you can store in the wallet. And looking forward, we’ll do Google said in a blog post, “Continue improving such payment experiences. “