From street vendors to hypermarkets, UPI is now available for receiving money. Shopkeepers have installed QR code sound boxes of companies like Paytm and Phonepay for payment verification. However, Reliance Jio is going to give both companies a hard time. Mukesh Ambani's telecom giant is all set to foray into the UPI payments market next.
Similar to Paytm Soundbox, the company is all set to launch Jio Soundbox to revolutionize payments at retail outlets. Along with this, Reliance aims to expand the 'Jio Pay' service like Google Pay and Phone Pay.
Reliance had been experimenting with Jio Sound Box for a long time. Soundbox has been deployed on a trial basis in Reliance retail stores for the past nine months. The device has been tested in smaller metros like Jaipur, Indore, Lucknow and retail establishments of Reliance Group. Reliance aims to roll out the service across the country soon.
More than two million traders in the country have deployed sound boxes in their establishments. Most of it belongs to Paytm. Phone Pay is second. There are reports that the central government is preparing to impose strict restrictions on phonepay and Google Pay in India. The collapse of Paytm Payments Bank has also dealt a big blow to Paytm. It is estimated that this will benefit Jio Pay.