Paytm CEO Vijay Shekhar Sharma is looking for a PLI plan for payment devices

1 Aug 2023 , 01:29 AM

One97 Communications, which operates under the Paytm brand, wants the government to include payment sector devices in the production-linked incentive scheme to stimulate domestic production, according to news reports. 

Paytm founder and CEO Vijay Shekhar Sharma stated that the business has begun producing soundbox devices in India, despite the fact that local production charges higher taxes than imported ones.

Sharma stated that India is a services-dominated economy and that there is a need to shift toward manufacturing for job development while announcing the debut of two new versions of payment soundboxes.

Making software in India and importing hardware from China to operate robs the country of the full benefits of technology, he adds.

‘Paytm soundboxes are entirely manufactured in India.’ We have done soundbox indigenisation. We are all aware that we are under pressure from a new development. Duty is not charged on soundboxes imported from other countries, but we are obligated to pay duties. ‘My request to the government is that PLI be declared on payment equipment,’ Sharma explained.

Paytm Pocket Soundbox and Paytm Music Soundbox have been launched for merchants.

When merchants use Soundbox, they receive notification of payment alarms. They will be able to link their phone to the new music soundbox and listen to music as well.

‘In my imagination, there should be 4-5 crore soundboxes installed in this country in the next 3-5 years,’ Gupta remarked.

As of June 30, 2023, the business had over 79 lakh merchant subscriptions for Paytm payment devices such as soundboxes and card machines.

For feedback and suggestions, write to us at [e-mail]