Canara Bank is meaning to create 12 lakh QR codes through its branches in the current financial year and will start distributing Paytm-like soundbox machines to merchants across India in a month, the bank’s Executive Director K.S. Raju told Moneycontrol on May 9.
A soundbox is an audio-assisted smart device that provides instant notices when you receive payment. It is a small portable speaker for everyday payment alerts, which comes with a SIM-based network.
The state-led bank has tied up with the National Payments Corporation of India (NPCI) for the generation of both UPI and BHIM QR codes. It has already distributed 12.5 lakh QR codes and standees in the last six months through its branches, earning about ₹1,781 crores in minimal expense current account and savings account (CASA) deposits.
The bank does not charge any expenses for giving standees or for generating QR codes. Nonetheless, it charges ₹180 for each soundbox device, Raju said.
“Since we have vast penetration in the country and semi-metropolitan regions, rather than leaving the QR code-based payment frameworks to private players like Google Pay or Paytm, we figured it would be a good source for our CASA,” Raju said.
“It has produced nearly ₹1,781 crore in CASA. Furthermore, this year (in FY23) we might do another 12 lakh QR codes for making it more helpful we are giving sound boxes for them,” he added.