The proprietary solution empowers the entire retail eco-system as it enables transactions through UPI123Pay, QR-based payments, voice payments, and E-Rupee (Central Bank Digital Currency).
It also supports banks and NBFC’s to reach merchants for loan collections.
The POD can function in multiple regional languages surpassing geographic constraints.
New Delhi, 8th May 2023: ToneTag, India’s largest voice-based commerce and payments solution provider, collaborated with major financial institutions namely NPCI, SBI, IDFC First Bank, ICICI Bank and others to enable acceptance all UPI payments and recently launched RBI-backed CBDC (Central Bank Digital Currency) on its latest device RetailPod 2.0. In the last six months, 25,000+ devices have been installed across India.
RetailPod 2.0 is a robust payment acceptance and interaction device that provides instant audio and visual confirmation of payment acceptance, making it easier for merchants to track their transactions and prevent fraud. The device accepts all kinds of payments, including voice-based UPI 123 payments, card or wallet payments, and E-rupee. One of its unique features is its ability to accept voice-based payments, which are becoming increasingly popular. The device supports multiple languages to support financial inclusivity, including Hindi, Telugu, Kannada, Tamil, Malayalam, Marathi, Bengali, Odia, Gujarati, and Punjabi, in addition to English.
On the prospects offered by Retail Pod 2.0, Kumar Abhishek, Founder & CEO of ToneTag, said, “ The full implementation of digital payments can only happen when we have systems ready for all kinds of currency transactions, most recently being the launch of CBDC. Retail Pod 2.0, as a low-cost digital payment solution, can process all digital and voice payments. As the digital payments landscape continues to grow, solutions like the Retail Pod 2.0 will play a critical role in shaping the future of payments in India.”
With the RetailPod 2.0, merchants can now accept payments from various sources without the need for multiple devices. This not only reduces the cost of hardware for the merchants but also saves them the hassle of managing different payment devices. Banks and NBFCs can use RetailPod 2.0 to interact with merchants to provide customized loans, offers, and other banking products, as well as help them reach out to merchants for loan collection, saving costs for loan collection and advertising for banks and NBFCs.
RetailPod 2.0 is a game-changer for the retail industry, providing a convenient and cost-effective solution for merchants to accept payments. Its ability to accept all kinds of payments and act as an interaction device between banks and merchants, along with regional language support, makes it a truly unique and valuable solution for the Indian market. With its adoption, India takes a giant leap toward financial inclusion and digital payment transformation.