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Paytm launches 'Card Soundbox' that merges card and QR payments
The device only accepts NFC-based tap and pay that does not require PIN for card payments. However, it also means that it does not accept swipe payments and a single transaction value cannot be higher than Rs 5,000. Mobile payments firm Paytm on September 4 announced that it has launched “Card Soundbox” that integrates QR-based and mobile payments and accepts card payments with 'tap and pay' feature for Rs 995 monthly rent. With this all-in-one device, merchants can accept both mobile and card payments across all Visa, Mastercard, American Express and RuPay networks with ‘tap and pay’, which uses near field communication (NFC) technology to accept card payments. The device announces all payments from cards as well as QR codes and the merchants can also switch off card payments if they wish to do so. However, it does not accept swipe payments which means it cannot accept payments higher than Rs 5,000 with a single tap as regulation does not approve of tap and pay for a transaction value higher than Rs 5,000 for a single transaction. Paytm had recently launched a small mobile “Pocket Soundbox” and “Music Soundbox”, which plays songs on the soundbox devices. Source- Money Conrol
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