As we know, standalone QR codes are no longer enough. Merchants, especially those with high footfall traffic, increasingly prefer QR codes paired with soundboxes for instant and reliable payment confirmations, regulatory support and technological advancements that are changing consumer behavior. Merchant-acquiring solutions, including QR codes and soundboxes, have also seen substantial growth of over 25%, thanks to high QR penetration and the inclusion of new players.
Soundboxes provide multiple regional languages along with English audio alerts for successful transactions, eliminating the need for manual verification. This feature is particularly beneficial for small businesses, street vendors large retail stores alike.
Why Banks Should Offer Soundboxes ?
Traditionally, banks have passed on such opportunities to fintech partners. However, with upcoming caps on fintech apps’ UPI market share, banks have a golden opportunity to leverage their infrastructure, trust and customer relationships to capture a larger slice of the digital payments market. With the rise of QR codes and soundboxes, merchants and customers alike are experiencing a seamless payment ecosystem. However, as fintech players like Paytm, PhonePe and GPay dominate the market, banks must act swiftly to reclaim their share by offering their own branded soundboxes.
By offering their soundboxes, banks can:
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Retain proprietary account holders, ensuring they use banking apps instead of switching to fintech apps.
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Increase Brand Visibility at retail locations across the country.
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Bank will get higher CASA volume without sharing with any Fintech partner
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Boost Revenue through value-added services.
Challenges in Scaling Soundbox Operations
While the opportunity is immense, scaling soundbox operations is not without challenges. Banks need to:
- Partner with reliable device vendors.
- Device Certifications
- Develop Technology for Soundbox Terminals
- Manage inventory across remote locations.
- Coordinate with logistics providers for nationwide shipment.
- Test every dispatched unit for quality assurance.
- Establish merchant support operations for troubleshooting during integration.
Setting up this infrastructure can be time-consuming and operationally intensive, delaying go-to-market strategies and increasing the risk of losing merchants to competitors.
iServeU is your ideal Partner in setting up the Soundbox Infrastructure.
This is where iServeU steps in as the perfect balance & partner for banks. Here are some advantages of aligning with iServeU
- iServeU offers a complete setup, from an Audio Notification Engine to a Terminal Management System (TMS)
- From device procurement to inventory management, logistics and merchant support, iServeU handles it all.
- Quick integration with Banks’ existing digital payment apps ensures a stress-free experience for banks and their merchants.
- New Advancements & Features developed can be updated via OTA service.
- Offers in-demand market solutions to meet the unique needs of merchants with different businesses.
- Inhouse MQTT server for the soundbox notification engine.
- Provides complied solutions & Hardware, so that banks can focus on their core functions while leaving all complexities including regulatory compliance and deployment of Soundbox.
iServeU’s Range of Soundbox Devices
iServeU offers a variety of Soundbox Devices tailored to meet the needs of different merchants:
- Static QR Soundbox
- Fixed, printable QR pattern for easy scanning.
- Only audio confirmation of payment amounts.
- SIM port with 4G+2G support additionally WiFi Connectivity
- High-energy sound (up to 110 dB).
- 7-digit segment display for on-screen payment verification.
- Tap & Pay QR
-Dynamic QR Soundbox
- 2.4” colour screen for dynamic QR code display.
- 7-digit segment display for on-screen payment verification.
- 100 dB loudspeaker for clear payment alerts.
- 2000mAh Long-lasting battery (18 hours on 4G, 16 hours on Wi-Fi).
- 16 buttons number Keypad available (optional)
-Dual Display Soundbox
- Supports both QR code, NFC & card swipe within the device.
- User-friendly interface with a 2.4-inch display.
- Powerful 3W/110 dB speaker for high-noise environments.
- Intuitive keyboard for quick transaction amount entry & pin entry.
- Multiple battery options available-2600mAh.
-All-in-One POS: POS + Soundbox
- Card swipe, UPI QR scan, Tap & Pay options
- Integrated soundbox for real-time transaction notifications
- Zero MDR for cost-effective transactions
- Priced at two-thirds of the standard Android POS
- Dual screen for both merchant and payer with dual keyboards
- OTA-supported updates, notification mapping and geotagging
- Supports English & 12+ regional languages for audio notifications
Conclusion
With fintech dominance facing regulatory caps, banks have a golden opportunity to reclaim their market share by leveraging their infrastructure and widespread reach. By offering soundboxes and aligning with RBI guidelines, banks can reduce dependency on fintech players and stay ahead in the digital payments race. Partnering with entities like iServeU, enabling banks to focus on growth while delivering superior value to merchants.
Now is the time for banks to act and outgrow the competition by embracing this transformative opportunity.
