Paytm (an acronym for “pay through mobile”) is an Indian multinational financial technology company specializing in digital payments and financial services such as mobile payments, bill payments etc.
Paytm holds a steady 8% share of the total UPI transactions in India or about $6 billion (about $18 per person in the US) per day
Paytm Soundboxes are innovative devices that provide instant audio confirmation of these payments. These soundboxes are popular among merchants as they announce the amount received in real-time, ensuring transparency and efficiency in transactions.
The catchy jingle “Paytm Karo” has become synonymous with the brand, encouraging users to make digital payments effortlessly. This slogan is featured prominently in their advertisements and has helped in building a strong brand identity.
Oakter is an Indian company specializing in smart home automation products. Founded in 2015 by a team from IIT Delhi, Oakter quickly gained prominence with its innovative solutions like smart plugs and touchless sanitizer dispensers. Oakter has evolved into a leading ODM in India supplying turnkey solutions to clients such as ElectricPe and SaReGaMaa.
Oakter tasked us with helping them deliver the next version of the sound box. And make it iconic!
PayTM had a strong brand identity and Oakter had created a design that aligned perfectly with it. What remained was to develop a sound box that would:
We helped Oakter find a speaker that could throw 85dB of sound at 1m. And then engineered an acosutic structure around it to deliver the sound at the required volume with high clarity. And that too using the least number of assembly operations to ensure consistency.
We engineered the sound box to be IP54 compliant. This meant it would take the dusty conditions of the Indian markets in its stride. And live with a bit of drizzle as well. One key challenge was the display area where we convinced Oakter to drop the traditional sealing approach. Instead of the traditional gasket, we now had a PC lens with masking stuck to the body using a water-resistant adhesive film. This not only created a seamless look, but also could be applied reliably over large volumes at lower costs.
Paytm charges merchants an average monthly rental of ₹125 for their soundbox. This amount must be low to ensure universal adoption. And to make a profit within this amount, PayTM needs the sound box to cost as low as possible. We worked with Oakter to identify plastics that could be molded with as thin wall sections as possible yet survive the Indian market. This helped bring down the material costs of the sound box. We further worked to bring down the number of fasteners and assembly steps required to put one sound box together. This helped bring down recurring costs and helped Oakter match the price target set
The PayTM soundbox has become synonymous with UPI in India and across the globe. Our efforts were rewarded when it featured in a Pakistani documentary heralding India’s UPI success. For those not in the know, India and Pakistan have a touchy relationship, and it is rare that accomplishments by one are featured in the other’s media.