Jio Payments is entering the soundbox segment to create huge competition for Paytm and Phonepe

Jio’s entry into the soundbox segment is considered the right strategic move now that RBI has banned Paytm Payments bank and also as its share in the UPI segment is declining.

With Paytm being hit by the crisis following RBI’s ban on Paytm Payments Bank, and also losing its share in the UPI market, the entry of prominent player, Reliance Jio’s Payments, has come into the market. sound box segmentcan disrupt the market.

Digital payments are currently the fastest growing field in India, thanks to the entry of Reliance Jio’s Payments sound box can create huge competition in UPI segment players like Paytm, PhonePe and Google Pay.

What is Reliance Jio Payments Soundbox?

The company already has its current famous Jio Pay app, the new expansion will be based on Soundbox technology to expand its business reach. Jio Soundbox is about to be rolled out to retail locations as the pilot phase has begun.

According to reports, Jio plans to offer attractive incentives to the store owners, which could increase its stake in the UPI market.

Reliance Plans to Launch Its UPI Soundbox?

According to the Hindu Business Line report, the company is planning a full-fledged pilot launch of the sound box at Reliance Retail stores in the next eight to nine months.

First, the device was tested at retail entities of the Reliance group in tier-2 cities such as Indore, Jaipur and Lucknow. If these tests are successful, Jio’s sound box will enter the urban markets.

After two pilot projects become successful, Jio Payments will launch this product in stores.

Jio Payments Soundbox to compete with Paytm, Phonepe

Jio’s entry into the soundbox segment is considered the right strategic move as it is known to seize the opportunity. The planning for the Soundbox comes as RBI has banned Paytms Payments bank and also as its share in the UPI segment falls.

According to reports, Paytm might recalibrate its sound boxes with new QR codes, following the Paytm Payments Bank controversy.

Paytm is offering the device for ₹1 and the monthly cost is ₹125. According to reports, PhonePe charges ₹49 per month as rental. BharatPe has already entered the soundbox segment and Google Pay plans to enter this space soon.

According to the experts, Jio’s soundbox will give tough competition by maintaining a fairly low rental price in the initial phase and can shake up the UPI market space.