Paytm’s to roll out offline payment service “Sound Pay”
Bengaluru, India | Red Newswire | Jan 16, 2016 Last Updated at 10:00 AM IST.
Paytm is just about to get smarter with its brand new “Sound Pay” feature. The new feature is yet to be launched for mobile application and will enable the offline transactions using ultrasonic sound waves. Now it won’t matter if you are connected to the internet or not.
Nitin Misra, head of products at Paytm said, “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.”
He further added that the feature will work from any location which is POS enabled as in grocery stores and supermarkets.
Presently the feature is under testing and if successful, it would be available in the coming few months.
This feature is particularly being developed for areas where there is very low connectivity.
Recently, the company also acquired Shifu which is a consumer behavior prediction platform in an $8 million deal. It has also tied up with IRCTC for e-catering.