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India’s QR soundbox boom: how merchant acquirers can ride the offline payment wave

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UPI account par 18 rupay prapt hue” or “Rs 18 has been deposited to your UPI account.” Just when it seemed like India’s digital payments journey had reached its peak, QR codes paired with soundboxes emerged, showing us that we have only begun.

The familiar chime of these soundboxes now unites millions of UPI users across the country. Together, soundboxes and QR codes offer seamless, real-time payment confirmations, which makes them indispensable resources for merchants.

Why QR-based soundboxes work in India

The adoption of QR codes is rapidly expanding over conventional Point of Sale (PoS) devices, not only in Tier I cities, but also in Tier II, Tier III, and rural areas. In fact, QR code deployment increased by 34% in FY24 to over 350 million. PWC attributes the shift to factors such as high rental costs, MDR (merchant discount rates), and the operational complexity of maintaining PoS machines.

The low cost of QR payment acceptance has also compounded challenges. Merchants may use QR codes from different providers. For merchant acquirers, this translates into higher incidence of churn and an escalation in the overall cost of acquisition, as they invest in both technology and on-the-ground sales efforts. 

Hence, QR paired with soundboxes present an opportunity to strengthen merchant loyalty in offline acquisition. Instead of standalone QRs, merchants increasingly prefer QR paired with Soundboxes, as instant and reliable payment confirmations are essential — particularly for those with high foot traffic. Consider a busy sweets shop in Delhi during the holiday season. Now, sellers don’t have to wait for confirmations of UPI payments, which might lead to delays. These devices simplify the process for both customers and merchants by providing real-time, audible payment confirmation. Additionally, it also provides an additional level of security by diminishing the possibility of non-payments and fraud at checkout.

The game changer in offline merchant acquisition

According to a recent Cognitive Market Research report, India’s merchant acquiring market reached $611.21 million in 2024 and projected to grow at a CAGR of 12% between 2024-2031, driven by regulatory support. Another report by Kearney highlights that retail digital payments is expected to double, from $3.6 trillion in FY24 to $7 trillion by FY30.

As this growth unfolds, the challenge for acquirers—both banks and merchant aggregators — will be how they capture this opportunity. Given the operationally intensive nature of the business scaling profitably is far from simple. For example, if an acquirer wants to offer Soundboxes to its merchants, they need a reliable device vendor, manage inventory, across remote merchant locations nationwide, partner with logistics providers for shipment, test every dispatched unit, and establish merchant support operations. Setting up this infrastructure could delay their go-to-market, increasing the risk of losing merchant-led businesses to competitors. The traditional ‘do-it- yourself’ model, where acquirers handle everything from merchant acquisition to backend operations, is increasingly unsustainable and non-core to a merchant acquirer’s business.

Offline Payments as a Service (PaaS) simplify payment operations for acquirers by handling the entire merchant and transaction lifecycle. This includes onboarding, device management, and transaction processing. By integrating business and tech operations with advanced payment software, PaaS solutions allow acquirers to focus on strategic growth rather than operational complexities.

Through a managed services model, acquirers can significantly reduce merchant acquisition costs by digitizing the onboarding process and streamlining due diligence. They also handle device logistics, including shipping, inventory, and support. For example, a merchant in a remote rural area needing assistance with a device like SoundBox receives instant support through the managed services provider, who ensures resolution within contracted service levels, supporting uninterrupted business for the merchant.

Additionally, a dedicated UPI Switch for merchant transactions can help acquirers process transaction volumes. A dedicated switch can reduce load on the UPI switch, ensuring smooth, efficient management of growing transaction volumes and delivering a seamless payment experience. PaaS also provides value added services such as recon /dispute and complaints management, helping acquires to promote stickiness among merchants.

Scan and pay

P2M (person-to-merchant) payments, which comprise 60% of UPI transactions, offer a substantial opportunity for expansion, particularly in non-metropolitan regions. This potential is aligned with the government’s and RBI’s commitment to promoting financial inclusion. 

From your neighbourhood vegetable vendor to the supermarket in your locality, we are seeing or rather hearing soundboxes buzzing everywhere. It’s an example of how offline merchants are keen to embrace digital solutions that simplify their transaction processes. The combination of QR codes and soundbox technology has emerged as a standout innovation in this space and PwC’s projects that 54 million such devices will be deployed by FY29.

As a new operating model, PaaS will help acquirers drive their go-to-market strategies and strengthening their market presence while reducing capital expenditure significantly. By streamlining operations and offering scalable solutions, PaaS not only supports business growth but also fosters a more inclusive financial ecosystem that benefits all stakeholders.

(Deepak Chand Thakur is the CEO & Co-founder of NPST)

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)





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Taming the restless ‘Monkey Mind’: 6 signs and calming tips

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Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.

Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.

6 Telltale signs of a monkey mind


1. Constant overthinking

A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.

Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.


2. Difficulty focusing on a task

If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.

Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.


3. Procrastination and avoidance

A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.

Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.


4. Heightened anxiety or stress

With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.

Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.


5. Trouble sleeping

If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.

Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.


6. Feeling constantly distracted

A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.

Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.


Conclusion

Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.

By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.





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Swiggy IPO gets oversubscribed led by QIB bids

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Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process. 

Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.

According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.

The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.

On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.

Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.

The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.





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OpenAI spent $10 million on this domain: Here’s why!

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Have you checked out X (formerly Twitter) lately? If you have, you might have come across an intriguing post by Sam Altman featuring a mysterious URL called “Chat.com”, with no caption. Curious? When you click on it, you’re taken straight to OpenAI’s groundbreaking tool, ChatGPT.

OpenAI has made headlines recently with a jaw-dropping move: they reportedly shelled out over $10 million for this domain! At first glance, this looks like a steep price tag in an era where many brands are trimming their budgets to stay lean.

So, what’s the story behind this hefty domain purchase? Let’s take a closer look at this!

Why OpenAI spent millions of dollars on a domain

This strategic move is driven by OpenAI’s mission to establish itself as a dominant force in the realm of AI-powered tools, particularly through its flagship product, ChatGPT.

In the tech world where innovation reigns supreme, securing a domain that perfectly aligns with the branding and functionality of its most popular service is a given. Today, ChatGPT has rapidly become a go-to AI tool used by millions for generating images, answering questions and offering assistance with content creation and even programming.

So, OpenAI’s purchase of chat.com is not just about owning a cool web address—it’s a calculated move to enhance its digital identity and ensure that the ChatGPT experience remains tied to its brand as it expands its offerings.

The bigger picture: OpenAI and HubSpot

In a surprising turn of events, the tech world is buzzing over OpenAI’s recent million-dollar domain acquisition, leaving many to wonder about its intriguing backstory. The domain in question, chat.com, has quite the history—it was initially registered way back in September 1996.

Fast forward to 2023, and it found a new owner in Dharmesh Shah, the co-founder and CTO of the widely popular CRM platform HubSpot, who purchased it for a staggering $15.5 million! But the plot thickens!

Just a few months later, in March, Dharmesh dropped a bombshell: he sold chat.com to an anonymous buyer for an undisclosed sum, which has now been confirmed to be OpenAI. While Sam Altman has remained tight-lipped about the specifics of the acquisition, reports from The Verge suggest that Dharmesh may have pocketed more than $15 million from the sale.

This hefty investment in chat.com is more than just a flashy purchase; it’s part of OpenAI’s strategic vision. Owning a domain that’s not only memorable but also inspires trust is crucial for establishing credibility and attracting customers in this competitive landscape.

Chat.com is now ChatGPT’s new destination

Spending more than $10 million on a domain might seem extravagant, but for OpenAI, this investment is a strategic move aimed at building a more unified, and recognisable brand. With chat.com, the company positions itself at the centre of the rapidly growing AI-powered market. As OpenAI continues to innovate, this domain acquisition will likely prove to be one of the company’s most crucial investments in securing its place at the top of the AI industry.





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