Soundbox and UPI - Simple innovation with a big impact | Podcast

In this episode of PayTech Bytes, we go through Soundbox and Unified Payments Interface (UPI), examining how these simple innovations have changed payment methods in our lives. The episode features Gulshan Pruthi,  Executive Vice President, Worldline India, talking about how these technologies are altering mobile payment as well as digital transactions.

Gulshan highlights how India has experienced a massive change in the digital payment ecosystem, being largely driven by the advent of UPI. The next most valuable change was introduced with the UPI Soundbox. Earlier, merchants would depend on SMS for transaction confirmations – the process was rather slow. With its instant audio confirmations, the Soundbox has made a difference. This voice alert system ensures real-time payment validation by delivering a simple voice message notifying the merchant about an instant receipt of payment. This innovation eliminates one of the biggest pain points for busy retailers making things frictionless. Today, over 1.5 crore Soundboxes are in use, demonstrating their widespread adoption and trust among merchants.

Gulshan delves into the details of how the Soundbox acts as a catalyst for the growth of UPI in India. Its low cost and instant payment confirmation are driving banks to deploy more Soundboxes. Over 200 UPI-issuing banks are leveraging this technology to enhance their customer acquisition strategies and retain existing accounts. This simple yet powerful device is poised to double its presence to 3 crore by 2025, further accelerating the adoption of mobile payments. Gulshan goes on to highlight the significant innovations in Soundbox technology. Worldline is at the forefront of such innovation, piloting NFC (Near Field Communication) Soundboxes and dynamic QR Soundboxes, which integrate with merchants' billing systems. These advancements will provide even more convenience and efficiency, making the Soundbox an indispensable tool for merchants across India.

The future of Soundbox in digital payments presents immense opportunity. Gulshan explains how the Soundbox is built on four pillars; UPI, India’s robust banking infrastructure, wide 4G networks and its role as a trust-building mechanism for merchants. He reiterates how these pillars have facilitated seamless digital payments within India and earned international recognition across Japan, UAE and France. In the future, Gulshan predicts, it is expected that Soundbox will be a revenue driver for tier-four merchants. In addition to this, banks, companies and NBFCs (Non-Banking Financial Companies) can use soundboxes for targeted advertisements to further enrich their value proposition. This innovation will serve to bridge the gap between technology and trust therefore making mobile payments convenient and reliable to everyone’s reach.

Stay tuned for the next episode of Paytech Bytes, as we continue exploring the dynamic world of digital payments. You can reach us at marketing.worldlineindia@worldline.com to share your feedback!