Paytm can be in discussions with a number of different banks, together with Yes Bank, HDFC Bank, ICICI Bank, and Canara Bank, Moneycontrol reported earlier this week.

At the identical time, Paytm CEO Vijay Shekhar Sharma additionally tried reassuring customers and retailers that the corporate’s QR code and soundbox will proceed to work after March 15.

However, it is price noting that solely these QR codes and soundboxes which can be linked to a checking account aside from PPBL will proceed past March 15.

Year-long service provider pilots

Google stated this rollout comes after conducting a restricted pilot of its SoundPod system final 12 months, Participating retailers have shared constructive suggestions, saying that it reduces checkout time, it famous.

With this launch, Google would be the newest firm to launch such a speaker system after rivals Paytm, PhonePe and BharatPe which have launched related gadgets up to now. Paytm was the primary to take a shot at fixing this downside by launching its Soundbox in 2020, through the first wave of the Covid-19 pandemic.

Read: Paytm vs PhonePe: Merchant sound device may be at heart of feud

In latest years, these gadgets have turn into a significant various income stream for fintech firms, whereas additionally serving to with service provider retention.

Google stated that retailers could make use of the audio notification service by signing up for a subscription by means of the Google Pay for Business app. One can select both a every day or a yearly plan after which activate the every day settlement choice to entry this service.

In the every day plan, retailers must pay a one-time payment of Rs 499, after which Rs 5 per day will probably be deducted for 25 days in a month from their settlement account. In the yearly plan, Rs 1,499 rupees will probably be deducted from the product owner’s settlement account. One can

Merchants will have the ability to entry the audio alerts service in six Indian languages together with Hindi, Kannada, Tamil, Bengali, Marathi, and Gujarati, apart from English.

In a bid to incentivise the utilization of its personal QR codes, Google stated that retailers who’re availing audio notification providers can get a assured cashback of Rs 125 after they settle for 400 or extra transactions in a month by means of GPay QR codes.

In October, Google had announced a range of credit-focused products for customers and retailers, partnering with banks and non-banking monetary firms (NBFCs) to fortify its monetary providers choices in India.

Google Pay shutdown within the United States

Meanwhile, Google stated it’s winding down the standalone Google Pay app within the United States, lower than two years after launching Google Wallet, a digital pockets that offers customers fast entry to cost playing cards, loyalty playing cards, passes, tickets, keys, or IDs amongst others.

The app will cease working from June 4, 2024 within the United States. People can entry standard options equivalent to tapping to pay in shops and managing cost strategies in Google Wallet itself, which the corporate claims is used 5 instances greater than the Google Pay app within the United States.

Google can be shutting down its peer-to-peer funds service that lets customers ship, request, or obtain cash from others within the United States.

The firm nonetheless famous that this determination does not have any influence on the Google Pay app in India and Singapore, because it continues to construct for the “unique needs” in these international locations.

“We’ve invested in making payments as fast and seamless as possible — like improving Google Pay autofill in Chrome, making it easy to pay for public transit and expanding the types of passes you can store in Wallet. And looking ahead, we’ll continue improving payment experiences like these,” Google stated in a blogpost.