Amid Paytm crisis, Google Pay expands its UPI soundbox
Google Pay is gearing up to expand its SoundPod service for merchants throughout India in the coming months, following a successful limited pilot last year. When you scan the associated UPI QR code of the merchant and complete the payment, SoundPod plays a voice notification to confirm the payment. Google's soundbox push comes in the wake of the Paytm crisis, as the Reserve Bank of India (RBI) has ordered Paytm Payments Bank Limited (PPBL) to halt transactions after March 15.
Positive feedback from merchants
Ambarish Lenge, Google Pay's vice president, shared in a blog post that merchants have given positive feedback on the SoundPod"Participating merchants have shared positive feedback, noting it reduces checkout time. We're pleased to announce SoundPods will be available for small merchants across India over the coming months, bringing considerable ease and convenience to millions of SMBs," said Lenge. Meanwhile, Paytm is working to resolve issues related to merchant transactions, including virtual payment address settings for accepting payments.
Google Pay's growth and UPI dominance
Google Pay is India's second-largest UPI app after PhonePe. In January 2024, it processed 444.28 crore transactions worth Rs. 6,35,945.58 crore. In contrast, Paytm lagged behind Google Pay in both transaction volume and value during the same period. Lenge praised UPI's seamless interoperability between all aspects of the financial system, saying it has "redefined possibilities not just for India, but equally for the world."
