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One 97 Communication Ltd., the parent company of Paytm, India’s payments and financial services provider, has partnered with e-commerce platform Meesho to promote Meesho’s seasonal sales through Paytm soundbox advertisements, according to a Storyboard18 report. Paytm soundboxes are used to provide instant audio confirmation for the amount received.
It shifts the familiar Paytm soundbox usage into more than just a payment confirmation tool. The small blue box, commonly spotted for its routine announcements across shops, has been reconceptualised as a platform where brands can engage with consumers just after a purchase.
Furthermore, the idea gives brands a real-time and hyper-localised way to connect with shoppers while they are already in a spending mindset. Paytm soundboxes cater to a wide range of merchants, ranging from retail stores to vegetable vendors. Previously, Paytm has partnered with several brands, including Coca-Cola for Sprite, Mondelez for Oreo biscuits, and Dabur for Odonil, among others, for Soundbox ads.
Paytm to boost revenue with soundbox subscriptions
In September this year, Paytm founder and CEO Vijay Shekhar Sharma said that the company was moving towards a fee-based model and intended to focus on its core payments business. The company planned to generate revenue by charging subscription fees for its soundbox as well as fees for distribution through banks and non-banking financial companies, and credit card transactions. Sharma further stated that it planned to reapply for a payment aggregator license.
Paytm spokesperson said, “… Paytm Soundbox is one of the most preferred payment devices and the latest Ads solution is a first-of-its-kind offering for brands in the industry. The scale of Paytm Soundbox distribution ensures that marketers and brands can reach their audience in various cohorts of state, city or language for a targeted & meaningful reach”
Soundbox to help in Meesho’s targeted outreach
Meesho is committed to democratising e-commerce, specifically in remote areas of India. The collaboration harbours the extensive reach of Paytm soundboxes, which support advertising in 11 local Indian languages, directly targeting communication across diverse demographics.
Soumitra Choubey, Director-Brand Marketing, Meesho said, “In a cluttered time like this, it’s not just what you say, but how you say it. Capturing attention and hacking memory structures has become increasingly challenging. For our marquee sale of the year, it was imperative that we lead with innovation.”.
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Uptick in Paytm soundbox usage and merchant subscription
The Paytm soundbox is a portable speaker that allows merchants to hear instant audio alerts whenever they receive a payment. According to Paytm, the speakers allow merchants to manage their daily sales and customer interactions, with a loud alert even in bustling environments.
As of March 2024, Paytm had 1.07 crore merchant subscriptions, which was a 58% increase from the previous year. In Q4 FY24, Paytm’s merchant subscription revenue was around Rs 90 per device per month. The company expects the price to drop to Rs 80 per device in the first quarter of FY25, and then increase to Rs 100 by Q4 FY25. Furthermore, Paytm aims to reactivate inactive merchants and add new ones to its platform.
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