Vijay Shekhar Sharma, Paytm's CEO, advocates for PLI scheme inclusion for payment devices
Paytm, the fintech company, urges the Indian government to include payment sector devices in the production-linked incentive program to boost local manufacturing. The firm has introduced indigenous soundbox devices and aims to increase employment growth through domestic production.
According to a senior corporate executive on Monday, the fintech company One97 Communications, Paytm wants the government to include payment sector devices in the production-linked incentive program to increase local production. Vijay Shekhar Sharma, the founder and CEO of Paytm, stated that the firm has begun producing soundbox devices in India even though domestic manufacture is subject to higher taxes than imports.The debut of two new versions of payment soundboxes was announced by Sharma, who said that since India is mostly a service-based economy, manufacturing is necessary to boost employment growth.
Making software in India and importing operating systems from China prevents the nation from taking full benefit of technology, he continued.
All Paytm soundboxes are produced in India. Soundboxes have been indigenousized by us. As is well known, a recent development has put pressure on us. Soundboxes imported from outside are not subject to duty, but we still have to pay them. To declare PLI on payment equipment is what I want of the government, added Sharma.
Paytm Pocket Soundbox and Paytm Music Soundbox for retailers were introduced by the firm.
When money is received, Soundbox users receive payment alerts through audio. They will be able to link their phone to the new music soundbox and play music on it as well.
In the next three to five years, Gupta predicted that 4-5 crore soundboxes should be deployed around the nation.
Over 79 lakh retailers had subscribed to the company’s Paytm payment services as of June 30, 2023, including soundboxes and card readers.
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