In the rapidly evolving landscape of digital payments, innovation continues to transform how transactions are conducted and authenticated. One such groundbreaking development is the quick response (QR) soundbox which is designed to enhance payment experience for merchants and consumers alike.
The soundbox is a compact, audio-enabled portable device integrated into a payment system that confirms payment transactions through audible alerts. It is typically used by merchants to receive a real-time audible confirmation of successful transactions. This immediate auditory feedback helps merchants quickly and easily verify whether transaction has been completed and payment received without having to check their mobile device applications for payment confirmation.
This not only simplifies the payment process but also adds a layer of security and transparency in the transaction process.
This is a unique innovation from India to the world which hasn’t been adopted at scale globally. India is amongst the first to develop, implement and innovate this hardware.
Soundboxes offer numerous value propositions for acquirers – namely, banks and FinTechs. By collecting valuable transaction data, soundboxes enable FinTechs to gain insights into merchants and customer behaviour, allowing them to offer personalised financial products and services.
Collaborations and partnerships between banks and FinTechs result in leveraging FinTech innovation and banking experience to expand market reach and serve a wider network of merchants and customers. These partnerships can enhance revenue streams through transaction fees and subscription services, while also offering cross-sell opportunities and facilitating opening of new accounts by merchants of all scales (small, medium etc.) nationwide.
source : https://www.pwc.in/industries/financial-services/fintech/payments/the-soundbox-sentinel-echoes-of-innovation.html