Zerodha‘s Nithin Kamath has lauded fintech firm Paytm’s ‘Soundbox’ – an instant audio payment confirmation device – as one of the best examples of a product made specifically for the Indian consumer by an Indian fintech.
What Happened? In a tweet on Thursday, the Zerodha co-founder pointed out that India is a unique market where “copy-pasting models from the US” has never really worked out.
“Paytm’s speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech,” he added.
Kamath was referring to a report published by Rest of World, a global non-profit publication that covers the impact of technology across the world. The report highlights the success of Paytm’s audio box which has prompted rival fintech companies like BharatPe, PhonePe, and MobiKwik to launch their own versions of the device.
See also: Paytm Founder Warns Of Nightmarish Consequences For Fraud Detection As ChatGPT Gains Prominence In Finance World
Paytm, India’s largest fintech company, introduced the sound box device in 2019, which has become a hit among small Indian businesses.
The smart device, which has a built-in SIM card and displays the fintech company’s logo, can read payment confirmation messages in English and multiple Indian languages such as Hindi, Tamil, Telugu, Bengali, and Punjabi.
The sound boxes are now found in various businesses across Indian cities and towns, including kiranas, clothing stores, produce carts, and local paan shops.
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