Innovation gains

Paytm is leading the way among fintechs

Fintech companies in India not only operate at the cutting edge of digital technology but also generate revenue by plugging a basic gap in its educational system. While merchants are happy to accept digital payments, many of them are unable to read text messages confirming a transaction. Fintech service providers thus offer “soundboxes”. These internet-enabled smart speakers verbally confirm a digital payment. The merchant pays upfront for the speaker, along with a monthly rental averaging around Rs 100 per box for internet access and Rs 300 to Rs 500 per month for point-of-sale (PoS) machines for cards. While there are