Jio Payments Entry Into Soundbox Segment To Create Huge Competition For Paytm, Phonepe

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

As Paytm is hit by the crisis after RBI’s ban on Paytm Payments Bank, and also losing its share in the UPI market, entry of the prominent player, Reliance Jio’s Payments in the soundbox segment, can disrupt the market.

Digital payments is the fastest growing field in India now, the entry of Reliance Jio’s Payments soundbox can create a huge competition in the 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 roll out in retail locations as the trial phase has begun.

According to reports, Jio plans to provide attractive incentives to the shop owners, which could increase stake in the UPI Market.

Reliance Plan To Launch Its UPI Soundbox?

According to the Hindu Business Line report, The full-fledged pilot launch of the soundbox across Reliance Retail stores is planned by the company in the upcoming 8 to 9 months. 

First the device was tested across retail entities of the Reliance group in tier-2 cities like Indore, Jaipur and Lucknow. If these testing becomes successful, Jio’s sound box will enter into the urban markets. 

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

Jio Payments Soundbox To Compete With Paytm, Phonepe

Jio’s entry into the soundbox segment is considered as the right strategic move, being stalwart known to grab the opportunity, the planning for the Soundbox is coming when RBI has banned Paytms Payments bank and also when its share in UPI segment is dropping. 

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

Paytm offers the device at ₹1 and monthly charges are ₹125. According to reports, PhonePe charges ₹49 a month as rentals. BharatPe has already entered the soundbox segment and Google Pay is planning to enter the space soon.

According to the experts, Jio’s soundbox will give a tough competition by keeping fairly low rental at initial stage and can shake up the UPI market space.