18:33 29th Aug, 2023
Proxgy Launches Kadi™ UPI Watch to Ensure Last-Mile Financial Inclusion for Street Vendors | TechTree.com
Proxgy Launches Kadi™ UPI Watch to Ensure Last-Mile Financial Inclusion for Street Vendors
In an era where digital payments are becoming the norm, there exists a segment of India’s population which lags in the rapid digital economy adoption that the rest of the country is embracing – the unsung heroes of India's streets, the hawkers, and street vendors.
- Sub 1,000 rupee watch replaces the need for smartphones or payment alert sound boxes for vendors who don’t work in a shop with USB charging and shelf space to keep sound boxes
- Kadi™ features a single touch QR display with merchant defined payment gateway selection, enabling merchants to use one touch different VPA QR codes on the same watch based on payment gateway offers and schemes
- Proxgy has tied up with multiple insurance providers to offer the street vendors optional daily insurance starting INR 1 per day coupled with Kadi™ UPI watch
These individuals, who form an integral part of the last mile ecosystem, usually don’t have access to smartphones or charging points to use UPI apps or UPI payment receipt alert soundboxes and audiocubes. To solve this problem and ensure last mile delivery of digital economy - Proxgy, an Indian IoT startup, has unveiled a first of its type innovative and ingenious ‘Make in India’ product, the Kadi™ UPI Smart Watch.
“While we in India are on track to onboard over 100 million merchants onto the UPI platform, it's crucial to recognize that millions of these potential beneficiaries are street vendors and hawkers who work without the luxury of shop counters or smartphone access. This is where 'Kadi™' steps in. By replacing the need for traditional payment confirmation mechanisms and offering a compact, user-friendly alternative, the UPI watch empowers these individuals to participate in the digital economy with unprecedented ease,” mentioned Pulkit Ahuja, Founder of Proxgy.
The Kadi™ UPI Smart Watch is designed to empower blue-collar workers, street vendors, and merchants who operate beyond the conventional retail setup. Unlike conventional sound boxes, Kadi™ (Hindi for the word ‘Link’) boasts a user-friendly sub 1,000 rupee smart watch tech that serves as an optimal alternative for vendors who don't work in establishments equipped with electricity or smartphone access.
One of the unique features of the Kadi™ UPI Smart Watch is its patent-pending Display Settlement Process (DSP), which operates on 4G NB-IoT technology and optional NFC payment acceptance in Kadi™ Pro variants. This ensures multi payment gateway real-time payment alerts, enhancing the efficiency and reliability of transactions. The watch also offers a single crown-touch QR display with vendor defined payment gateway selection, enabling vendors to switch between various VPA (Virtual Payment Address) QR codes based on payment gateway balances, offers and ongoing loan schemes.
In recent years, soundboxes have evolved beyond their original role as transaction alert systems, becoming crucial tools for acquiring and retaining merchants. They now play a key role in staying at the forefront of a merchant's mind. Typically, the QR code displayed on a shop's countertop is the one most likely to be used for transactions. However, given that countertop space allows for multiple soundboxes from different providers, this can lead to a dilution in transaction volume for each individual service provider.
In contrast, “Kadi™ UPI Smart Watch serves as a strategic one to one tool for fintech companies and banks to establish personalized connections with their merchant partners. It provides a premium display platform for targeted ads, account updates, special offers, and custom messages, enhancing merchant engagement and loyalty, and thus transcending its role from a transactional device to a holistic business companion” remarked Pulkit Ahuja. The watch's potential impact extends beyond transactions, offering optional daily insurance plans starting from INR 1, coupled with health monitoring and 5 day long battery backup.
In line with its commitment to fostering inclusivity and innovation, Proxgy has also announced plans to launch a standalone Kadi™ app that can be installed on existing Android smart watches. This app will seamlessly replace the need for sound boxes and other additional devices, thus offering a versatile solution to a wider audience.
The Made in India 'Kadi' UPI Smart Watch is set to be offered to Proxgy's existing fintech, PSU bank, and private bank B2B and B2G clients of its existing AudioCube sound box product line, reaffirming the company's commitment to driving positive change across the financial landscape. Proxgy revealed that they have tied up with multiple insurance providers to offer the street vendors optional daily insurance starting INR 1 per day coupled with Kadi™ UPI watch, Pulkit Ahuja added.
A Youtube link to Kadi’s functioning can be found here - https://youtu.be/Z6-PMSqrAgw
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