Payment with Paytm’s wallet is set to become cooler and smarter with its new ‘sound pay’ feature. The new feature to be launched on Paytm’s mobile application will allow money transfers and payments using ultrasonic sound waves, even when the consumer is not connected to the internet or in an area of low internet connectivity.
Speaking to Inc42, Nitin Misra, Head of products at Paytm, stated, “Sound Pay is a relatively new technology which will allow consumers to transact when he is in the vicinity of a POS ( point of sale) terminal. The consumer may or may not be connected to the internet but as he approaches a POS terminal, once he clicks the sound pay option, the terminal will start transmitting data to the Paytm app through the sound waves. The app then authenticates this data, and once the consumer validates it, the transaction goes through. The data will include information such as merchandise bought, amount to be paid, date of transaction and so on.”
Nitin added that the feature could be used at any location with a POS terminal such as supermarkets, kirana stores, and even at high traffic areas like MRTS. Paytm is currently conducting trials of this service, which it started testing last December. If successful, the system could be implemented in a couple of months at convenience stores
The feature comes on the back of Paytm’s efforts to build a solution for low connectivity areas, thus enabling transactions offline. The mobile payment and ecommerce platform that has currently a user base of more 100 Mn has been working towards enhancing user experience on its platform. Towards this objective, this month it has acquired Delhi-based consumer behaviour prediction platform, Shifu, in an $8 Mn deal. In December, it tied-up with IRCTC to allow passengers to make online payments for food ordered through e-catering. Prior to this, Paytm and IRCTC had entered into an agreement to make payments for booking train tickets online.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.