I recently came across a Paytm advertisement showcasing a new feature on their Sound box - a flashlight to assist customers with barcode scanning in low light.
I found this to be a useful addition and this got me thinking - isn't the Sound box as a product in itself is one of the smart incremental updates to UPI payment industry?
For those unfamiliar, Soundbox, a device launched by Paytm back in 2019, serves as a voice assistant payment confirmation machine for vendors. When a customer makes a payment by scanning a QR code, the Soundbox immediately notifies the merchant of the successful transaction in their preferred regional language. This simple yet ingenious solution allows vendors to attend to other customers without constantly checking their phones for payment alerts.
UPI became a huge success after it's launch in India - ease of doing payments led to good adoption initially. All the major platforms started providing barcodes to the shopkeepers to scan and do the payments.
The payment confirmation relied on messages sent to the bank's registered number, leading to delays and confusion at times from different bank systems. Soundbox was a game-changer for small vendors who may not be well-literate but understand handling money and it was a hectic process to validate each and every payments -having to constantly check the phone for payment alerts.
It was a win win situation for Paytm, as they're not only solving customer's pain point - but also making money by facilitating these transactions.
The success of Paytm's Soundbox inspired companies like PhonePe, and other to introduce their own versions of the device. According to Livemint, over 5.8 Mn merchants now pay subscriptions for payment devices like Soundbox and PoS to Paytm only.
This success story serves as a reminder for all businesses to continuously listen to their customers and identify opportunities to solve their pain points, even with small incremental changes. It doesn't always have to be a grand new feature; often, simple solutions can make a significant impact.
So, the next time you think your product development journey is complete, remember the Soundbox and its continuous innovation. Keep listening to your customers and be on the lookout for opportunities to make their experience even better.
What else you think, the companies can do next with the Sound box? For me - companies could explore incorporating gamification elements like loyalty points, or offer exclusive deals/offers for customers on their next shopping using the Soundbox, hence provide additional revenue streams for businesses.
The possibilities are endless!
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