Spearhead AI consulting

Audio Becomes Part of Fintech Innovation

Why ‘Audio’ Became The Game Changer In the Adoption of India’s Digital Payment Tech Stack

An internet-connected sound box changed the way online payments are done in India…

After it was introduced in 2016, India’s UPI (Unified Payments Interface) has created a revolution to by helping unconnected citizens integrate into the digital economy and removing corruption.

UPI now has 260 million users in the country of 1.4 billion people, helping people from small shopkeepers to large retail stores.

However there was a practical issue.

Even for small shopkeepers like a vegetable vendor, there could be a lot of transactions.

Every time a customer paid online, they will need to go make a phone call to confirm that the payment had been received. Or use their family’s only smartphone.

The customers, often in a rush, would get impatient.

The vendor then has to spend more time attending to them than he had back when he accepted only cash, resulting in lost productivity and loss in revenue.

In 2019, Paytm, India’s largest fintech company, introduced internet-connected sound boxes that read out payment confirmation messages in different languages.

Sound boxes have become a game-changer for small businesses in India that had previously relied on cash or phone calls to verify online payments.

They make transactions faster, easier, and more trustworthy for both merchants and customers.

Sound boxes have encouraged customers to use UPI online payments which have grown exponentially, reaching over $1.2 trillion in value by Q3 of the 2023 financial year.

What do you think of this local and practical innovation in payments?

#fintech #digitaltransformation #innovation

Related Posts

Tech Time Warp: Silicon Valley’s Struggle with Legacy Systems

Media: with AI, Silicon Valley is destroying opportunities for everyone

AI’s Cost-Cutting Code Revolution: Why Tech Job Demand is Set to Soar

AI will drastically bring down the cost of writing code. Surprisingly, that means that we will need more tech professionals, not less.

Generative AI: The Catalyst for Data Center Transformation in the Age of AI

How Generative AI is overhauling Data Centers

Steve Cohen’s Vision: Is the 4-Day Work-Week Our Inevitable Future?

Is the 4 day work-week our inevitable future?

Cracking the Code: Exploring Enterprise AI Adoption and Consumption Dynamics

How are enterprises adopting and consuming AI?

AI Is The Next S-Curve Powering Enterprise Transformation?

We are witnessing the rise of AI as a brand new S-curve of enterprise transformation and innovation.
Scroll to Top