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Tiny, cheap smart speakers unlocked the rise of digital payments in India

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Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#81

Post by wildzzz »

z3t4 wrote: post #68
alsodumb wrote: post #8

Earlier quoted context omitted.

Now that I think about it, I am not sure why they didn't just announce using the smartphone speaker - I've seen several vendors with smartphones still using these boxes. Granted, many vendors don't have smart phones, and perhaps sound boxes started with them. I think the fintech companies saw the opportunity and decided to not implement it their app for users with smartphone. Given that they are so cheap, I guess the…

It's difficult to wake up a phone to play custom audio. I believe iOS and Android has made that impossible without rooting the device.

You don't need to play custom audio. Notification narration already exists.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#82

Post by pimlottc »

villgax wrote: post #12

They do charge a subscription fee for it, but sadly enough this could have been done with any speaker they had & using the official app as well

That would require leaving a smartphone and a speaker lying around where they might be stolen. Having it be a cheap, single-use device reduces the incentive for theft.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#83

Post by kridsdale1 »

jack_riminton wrote: post #67

The vendor being able to instantly take out a loan is the real kicker here. If even a relatively small percentage of shopkeepers do this it will enable economic growth only seen in places like China in the 1990s, the effect will be multiplicative throughout the economy

I was so happy to read that part. A triumph of capitalism, if it takes off.

Everyone deserves the right to a fair and quick evaluation of their default risk to get access to capital on margin. It’s the best way to get people to invest in themselves and their communities.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#84

Post by djhworld »

ryzvonusef wrote: post #33

video of it in action (english subtitles) https://www.youtube.com/watch?v=qUR84Qz0KbM

Interesting thank you for the video.

I was going to comment on this post wondering how it's more efficient than just the merchant looking at a fixed screen which shows the incoming transactions.

But the video demonstrates why the audio interface is better, it allows them to multi-task. Sort of like how listening to radio/podcasts doesn't tie you down to somewhere like watching the TV does.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#85

Post by manojlds »

spaceman_2020 wrote: post #58
sfifs wrote: post #3

I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…

I sometimes go weeks without realizing that I have literally zero cash in my wallet. I was using UPI so much that my credit card usage had dropped to almost nothing. Literally had to force myself to use the credit card more to accumulate some rewards.

Ironically, it's for Uber (and Ola) - the services that made us move away from cash for taxi and auto in the first place - that I have to carry cash for since the drivers just won't come without cash payments. UPI is better, but they will have the have to fill petrol excuse.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#86

Post by jack_riminton »

WeylandYutani wrote: post #71
jack_riminton wrote: post #67

The vendor being able to instantly take out a loan is the real kicker here. If even a relatively small percentage of shopkeepers do this it will enable economic growth only seen in places like China in the 1990s, the effect will be multiplicative throughout the economy

Only if they can pay back the loan otherwise you just end up with a banking crisis.

True but this isn’t inflation of assets it’s money for goods purchases by the sounds of it which is a lot less susceptible to bubbles

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#87

Post by signal11 »

sfifs wrote: post #3

I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…

> In my latest trip, I don't believe I paid cash in any shop and I was in a second tier city the whole time, not one of the big metropolitan cities.

If you’re a tourist or business visitor, this isn’t possible. UPI isn’t available to you. Also note that many smaller shops which accept cards and do accept India-issued MasterCard/Visa/Rupay won’t take MC/Visa issued abroad, because their payment providers charge them extra.

Digital payments for business visitors and tourists in India are pretty terrible outside of upscale places.

If you’re an Indian living abroad, for now, you need to keep an Indian phone number active to use UPI (this should change soon). You can use cards though, especially if you have an India-issued card — those have much wider acceptance.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#88

Post by foobazzy »

411111111111111 wrote: post #46
hedora wrote: post #45

Earlier quoted context omitted.

This makes so much more sense than illiteracy. The phone app could just have a thumbs up with a number or a thumbs down, after all. It suggests having a tv-like display would work about as well, and be less noisy / distracting.

What do you think is cheaper, a touch display with a a chip that can render graphics etc or a speaker playing an audio stream from a webservice?

Why would you need a touch screen? An 8-segment display with 2 clicker buttons for looping through history, and a little bit of memory (like in a calculator) would be enough.

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#89

Post by justanotheratom »

signal11 wrote: post #87
sfifs wrote: post #3

I visited India a few times in the last 9 months after digital payments had taken off due to COVID and can attest that these have been game changers that have led shopkeeps to accept e-payments. More than anything to do with literacy, this basically allows Shopkeeper to keep doing what they are doing without fiddling with their phones etc to confirm they received money. The device just says the amount received out lo…

> In my latest trip, I don't believe I paid cash in any shop and I was in a second tier city the whole time, not one of the big metropolitan cities. If you’re a tourist or business visitor, this isn’t possible. UPI isn’t available to you. Also note that many smaller shops which accept cards and do accept India-issued MasterCard/Visa/Rupay won’t take MC/Visa issued abroad, because their payment providers charge them e…

Yes, visitors can make UPI payments now. See recent news:

https://economictimes.indiatimes.com/nri/invest/in-bound-tra...

Re: Tiny, cheap smart speakers unlocked the rise of digital payments in India

#90

Post by robocat »

jonfw wrote: post #38
SaltyGoodness wrote: post #24

Earlier quoted context omitted.

I was stunned to learn that the average American reads at a 5th grade level. It's true though. I've been wondering why for a while, since it explains so much... Here's my best guess: 13 million children face daily hunger, and politicians fight to take away school lunches. Hungry kids don't learn too good. Fear porn is blasted over every corporate media outlet constantly, to the point where it saturates culture. Peopl…

There are two causes to consider. The failure of society to provide equal opportunities to all, and the failure of individuals to capitalize on what opportunities they have available. The trouble with your criticism is that you are focusing entirely on society’s failures, when a more complete analysis would consider what can be done on either side.

> and the failure of individuals to capitalize on what opportunities they have available

Yeah, we could blame the 5 year olds for their lack of grit and determination to create their foundation for their reading skills. Alternatively, we can look at what other societies achieve, and try to improve our own.

Also you are completely ignoring that plenty of people have functional difficulties learning to read and write. Anecdotally I would say over 10% based on my dyslexic or illiterate friends and family, some of which had professional focused help beyond what schooling provides. I agree with you that the education system has its faults, and some people “fail to capitalise opportunities”. However there is a large segment of people that are motivated, work hard, get good educational opportunities, and yet still struggle to read and write. There are people with denial or bullshit reasons too, but too many of my friends and family have symptoms that I have good reasons to believe they are not making anything up.

My 10% figure ignores functional meta-level difficulties for lacking motivation. Perhaps born without grit and determination; perhaps never taught it; perhaps other home problems trump it.

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