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All You Need to Know About Jio’s Payment Soundbox System – Set to Destroy Leaders

All You Need to Know About Jio’s Payment Soundbox System – Set to Destroy Leaders

By Startup Authority

How is Jio Soundbox going to disrupt the fintech market?

Reliance Industries Limited is known to dominate every market it steps into. Its success can be seen in how it changed the telecom industry with the launch of Jio, which quickly captured a larger market share than its competitors like Airtel and Vodafone, etc. 

Reliance listed its retail business also known to be JFS(Jio Financial System). JFS is set to disrupt the Indian Fintech Market with its wide selection of offerings ranging from personal and merchant payments to insurance and retail payments

JFS has huge competition from fintech companies like PD Fintech, InsuranceDekho, Patym, PhonePe, and other insurance and broking sites.

Although, companies like Patym, Gpay, and CRED own a big share of the UPI market. The usage of UPI transactions has grossed 1000 crores in just two months September and August in the year 2023. It is no wonder that JPS is keeping an eye on piling up a big share of the UPI market too.

Jio's soundbox operates like other payment platforms like Paytm and PhonePe, which helps in establishing a rigid foundation for its merchant payees. SoundBox is a well-known speaker that provides audible confirmation of payments made through UPI.

The launch of Jio Financial System (JFS) is a grand development for Jiopay, and it is expected to revolutionize the fintech industry. With the features and benefits of JFS, Jiopay is expected to take over its competitors, including Paytm and BharatPay.

JFS - The Reliance Company behind The Jio Soundbox

Jio Financial System is the fintech company of Reliance Industries Limited. With the launch of personal loans and consumer durable loans the use of JFS has spread its reach in every city in every state.

The Jio Financial System has partnered with 24 insurance companies ranging from general to life, and health insurance sectors to provide insurance services from its Jio app.

JFS also announced a partnership with BlackRock,  the largest and trusted assets company in the world.The JFS is planning to provide its plans for mutual fund businesses.

JFS is gearing up to compete with fintech companies like PB Fintech, Insurance Dekho, Patym, PhonePe, and other insurance broking sites. Additionally, JFS has entered the UPI space, although investors have not given more details about it.

Payment Soundbox Market in India

Soundbox is a new and a freshly innovative idea in Indian Fintech Company. Soundbox gives a verbal confirmation on the payment made through UPI servers. Being able to verbally confirm the transaction gives peace of mind when conducting financial transactions.

This service will be a game changer in the fintech industry because it provides a new level of security and convenience to the one that uses the soundbox and the one that uses to pay through soundbox.

Market Size and Key Leader Of Sound Box

The soundbox market system is punching into new limits by introducing pocket sized devices whose chips are very fast as well. The soundbox has introduced itself into a system of accepting card payments like accepting offerings from RuPay, Visa, MasterCard and American Express.

In India the sound box is led by Patym. Paytm soundbox is used by over 7 millions merchants. Paytm soundboxes cost Rs.999 and support 11 of the languages spoken in India. Patym soundboxes have set an emblem to the digital payments in the Indian retail market.

BharatPe and PhonePe also provide soundboxes. Also JPS is launching in its new sound box set to disrupt all the fintech in India. Considering this the market for soundbox is large and is growing potentially. 

How does the Soundbox System work for digital payments? - Charges, Income to companies

India is a low-trust society, sound box was launched inorder to ensure the merchants that the customers have made a payment. Usually a company charges around Rs.120 a month. 

The sound boxes are owned by around 80 lakhs users all over India, with Rs 120 payment from each user the company who provides the sound box earns around Rs. 1200 crore per year.

The soundbox company is set to increase into five times more in the coming year making it a very profitable software.

Will JFS's entry in the segment disrupt paytm, PhonePe & others?

Although companies like Paytm, Gpay, and CRED dominate the UPI market, the usage of UPI transactions has surpassed 1000 crores in only two months (September and August) of the year 2023. It's no surprise that JPS also plans to spreading huge market share in this growing UPI sector.

So with the launch of Soundboxes from JPS will  disrupt the fintech companies like Paytm, PhonePe and BharatPe and more.