Digital payments are easier than ever in India, but what if you’re a street vendor who accepts them but doesn’t read or write? How could you confirm you’ve been paid and someone isn’t just trying to trick you? For years this has been a barrier to adoption of digital payment, but now a smart solution involving low cost digital speakers that can audibly confirm when payments have been made to help prevent fraud and streamline daily transactions might be shifting the entire market.
These “sound boxes” are not only helping to accelerate the pace of adoption for digital payments, they are also offering a lucrative revenue stream for financial services companies in India who don’t make a cut off all transactions and instead must make up the difference elsewhere. For consumers, their experience with street vendors can be faster and more secure. It’s a product that truly does seem to offer a win for nearly every party involved.
How Sound Boxes Are Accelerating Digital Payments Across India
