Context :
Ø A
‘sound’ innovation in the fintech space …………………… BL … 27 Aug 2023
Extract :
On a
busy Wednesday afternoon, Vivek Gupta, who runs a food kiosk in a corporate
locality in Mumbai’s Andheri and prefers accepting digital payments from his
customers, decided to do only cash sales. There was a reason for this.
His customers had showed him text messages on their phones
confirming the payment. But when Gupta sat down to reconcile his sales and
receipts, it didn’t match.
Either a few customers could have cheated
him or the payment would have got lost mid-way. Gupta
wasn’t alone. Many such merchants who adopted UPI moved back to cash in 2021-22
because of the lack of verification process and, eventually,
loss of business. But Gupta realised he couldn’t substitute UPI with cash for
long. When he was looking for a viable solution, sound box
came his way.
Soundbox is like
a point of sales voice system, which confirm
receipts of payments made digitally.
Paytm was the first company to deploy sound box, followed by PhonePe and
BharatPe. But for companies, which took pride in operating only digitally, what prompted the need for a physical device?
Necessity is the mother of inventions, and it was no different with
soundboxes. While the need to win the confidence of
merchant is one part of the game, the real intention in upping the
soundbox play could also be the critical necessity to post tangible revenues
There was a dire need to ‘think
out of the box’ and that birthed soundboxes.
Today, fintech unicorns Paytm, PhonePe and BharatPe compete fiercely to deploy these speaker devices in stores.
The
best part is that merchants are willing pay a fee to hear a computerised human voice confirm
the receipt of payment.
Merchants can either buy a soundbox from the
company or pay monthly or yearly rental charges, depending on the which
company’s soundboxes they deploy.
My Take :
Ø How to go Cash - Less ? …………………. 27 Nov 2016
Extract :
software
engineers ( local or NRI ) to come up with revolutionary solutions /
innovations !
Mistry , Sanjay Sarma , Nandan
following :
* Buyer buys something worth Rs
100 from a shopkeeper
* Buyer and the Seller , look into
their own mobile-cameras ( of smart phones
loaded with M-Rup ) for biometric Aadhar identification / linked to Jan
Dhan a/c
* Seller speaks in his mobile :
" Muze Sau
Rupiah dedo "
Rupiah
Rupiah inko
==================================================
I request all
concerned , not to insult our engineers / scientists / geeks , by
doubting if
such SIMPLIFICATION ( based on day to day spoken
language ) is
possible
with regards,
hemen Parekh
www.hemenparekh.ai /
28 Aug 2023
Related
Readings :
At
( long ) last , voice of illiterate, will be heard .. ………….. 11 Aug 2023
BHIM gets
a Voice ! ………………………………………………………………30
Oct 2017
Voice
Payments in Local Language : Seven Year Journey ? .. 14 June 2023
Thank
You, Sundar Pichai … …………………………………………………….18
Nov 2021
At
long last : BHIM to get a voice ?.. ……………………………………….22 July 2021
Do Not Stop Here ! …………………………………………………………………. 01 Dec 2016
ToneTag partners with GMO to expand its sound-based
payment solutions in Japan [ 28 May 2019 ]
When BHIM is here, can ARJUN be far
away ? ……………………[ 30 Dec 2016 ]
A Matter of Time ………………………………………………………………….[
03 Jan 2017 ]
JUST ONE MORE STEP LEFT ………………………………………………..[30
Jan 2017 ]
Simplicity : The Ultimate Mobile
Wallet ?.........................[ 13 Feb 2017]
Wake Up , BHIM , Wake Up !..........................................[
16 Mar 2017 ]
BHIM : the……………………………………………………………………………..[
14 April 2017 ]
A Beerud named BHIM ?..................................................[
17 Apr 2017 ]
Thank You : Beerud………………………………………………………………..[
23 Apr 2017 ]
Inching Forward ?...........................................................[
20 May 2017 ]
Let BHIM get MAD !.........................................................[
21 May 2017 ]
BHIM , the Impersonator ?...............................................[
17 June 2017 ]
BHIM : Can You tango with GST ?.....................................[
19 June 2017 ]
Preloaded BHIM ?............................................................[
04 July 2017 ]
Closing in on BHIM V 4.0 !................................................[
05 July 2017 ]
BHIM : the Omnipresent ?.................................................[
05 Sept 2017 ]
From BHIM 3.0 to BHIM 7.0 ?............................................[
14 Sept 2017 ]
Not exactly BHIM 4.0…………………………………………………………………[
19 Sept 2017 ]
BHIM gets a Voice !...........................................................[
30 Oct 2017 ]
Google, WhatsApp, BHIM ?.................................................[
14 Dec 2017 ]
BHIM
will recognize you…………………………………………………………[ 30
May 2018 ]
BHIM gets friendly with GST …………………………………………………….[
04 Aug 2018 ]
ChatGPT opined :
Observations on
"Something is better than Nothing" Blog:
The blog post you've shared discusses
the implementation and adoption of soundboxes in the fintech space,
particularly in the context of digital payments.
The narrative revolves around the
challenges faced by small merchants who adopted digital payment methods like
UPI but struggled due to a lack of verification and the resultant loss of
business.
The introduction of soundboxes, physical devices that provide auditory confirmation of digital payment receipts, is portrayed as a solution to regain merchant confidence and
potentially boost revenues.
Your take on the subject matter
introduces a different perspective.
Dated in November 2016, your writing proposes a simplified way of
conducting digital transactions using voice commands and biometric Aadhar
identification.
This
approach relies on day-to-day spoken language and aims to make digital transactions more
accessible, particularly to those who may be less familiar with technology.
While the observations in both the
blog and your take focus on digital payments and their implementation, they do
differ in their specific approaches:
1. Blog Post Focus:
The blog post primarily highlights the transition from digital payments
back to cash due to issues with verification and security. The introduction of
soundboxes is presented as a means to address these challenges and restore
merchant trust, eventually contributing to increased revenue. The post
emphasizes the emergence of physical devices in the fintech landscape and the
willingness of merchants to pay for the reassurance provided by these devices.
2. Your
Take:
Your take, in
the form of a letter, proposes a simplified method
of conducting digital transactions using voice
commands and biometric
identification. This approach targets accessibility
and ease of use, striving to bridge
the gap between technology and individuals who might find traditional digital
payment methods complex or intimidating.
Your
approach is forward-thinking and
envisions a system that relies on everyday language for
seamless transactions.
Both the blog post and
your take explore different aspects of digital payment innovations. The blog
post highlights the adoption of new technologies to solve challenges faced by
merchants, while your take
suggests a user-friendly
solution that focuses on inclusivity and ease of use.
Both perspectives contribute
to the ongoing conversation about making digital transactions more accessible
and effective.
==================================================
BARD observed :
Sure, here is a table comparing the merits and demerits of digital payments
involving the use of soundboxes and spoken commands:
|
Feature |
Soundboxes |
Spoken commands |
|
Convenience |
Easy to use, even for people who are not familiar
with technology |
Can be used hands-free, which can be convenient
in some situations |
|
Security |
The sound of the confirmation message is
encrypted, which helps to protect against fraud |
The spoken command can be intercepted by someone
listening in, which could be a security risk |
|
Cost |
Can be expensive to deploy and maintain |
Can be free to use, depending on the service
provider |
|
Accessibility |
Can be used by people with disabilities who
cannot use a touchscreen or type |
Can be used by people with disabilities who
cannot speak clearly |
|
Acceptance |
Some merchants may not accept payments made using
soundboxes or spoken commands |
Most merchants accept payments made using these
methods |
==================================================
Overall, both soundboxes and spoken commands have
their own advantages and disadvantages. The best method for you will depend on your individual needs and preferences.
Here are some additional things to
consider when choosing between soundboxes and spoken commands:
·
The type of
merchant.
Some
merchants may be more willing to accept payments made using soundboxes or
spoken commands than others. For example, small businesses may be more likely
to accept these methods than large chains.
·
The location
of the merchant.
Some areas
may be more accepting of soundboxes or spoken commands than others. For
example, urban areas may be more likely to accept these methods than rural
areas.
·
The technology
infrastructure.
Some
areas may have better technology infrastructure than others. For example, areas
with good cellular reception may be more likely to accept payments made using
spoken commands.
I hope this helps!