How Cheap, Tiny Speakers Revolutionized Digital Payments In India
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India has been experiencing a digital revolution in recent years, with digital payments gaining popularity thanks to the government's unified payments interface (UPI). UPI enables instant bank transfers through mobile phones, leading to a surge in UPI transaction volume and value. As a result, sound boxes have become increasingly popular among small Indian businesses that have previously been hesitant to pay for tech services.
The sound box is a smart device that includes a built-in SIM card and a speaker with the fintech company's logo, allowing payment confirmation messages to be read out in multiple Indian languages, such as Hindi, Tamil, Telugu, Bengali, and Punjabi. Sound boxes can now be seen in various Indian cities and towns, from kiranas and clothing stores to produce carts and smoking product shops.
Sound boxes have become a profitable proposition for Indian fintech companies, as they provide a great revenue stream. While facilitating UPI transactions does not generate revenue, sound box subscriptions have become a lucrative business.
Paytm's sound box's success prompted other fintech companies to follow suit, with BharatPe launching its sound box, the BharatPe Speaker, in June 2022, and PhonePe launching the Smart Speaker a few months later. GooglePay entered the fray earlier this year, piloting its Soundpod sound box in the country's Kirana stores. Several Indian banks, such as IndusInd Bank and AU Small Finance Bank, have also introduced similar devices, hoping to capitalize on the increasing popularity of sound boxes.
Overall, sound boxes have become a powerful marketing tool for fintech companies looking to expand their reach and engage with customers in a more personalized way. By using cutting-edge audio technology, these companies can deliver timely and relevant messages to their target audience, increasing brand awareness and driving sales.
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