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Reliance, under the leadership of Mukesh Ambani, is developing a device named Jio Soundbox, akin to Paytm’s Soundbox, aimed at aiding merchants in swiftly verifying UPI transactions. This initiative emerges against the backdrop of recent events affecting competitors such as the temporary halt of services by Paytm Payment Bank, escalating the rivalry in digital payments. The introduction of Jio Soundbox poses a direct challenge to Paytm, Google Pay, and PhonePe.

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