Proxgy, an innovative IoT solutions company, has launched Kadi, a UPI watch for hawkers and street vendors who work in less formal settings, often without electricity or even shelf space.
Priced under Rs 1,000, Kadi promises to take digital transactions to far-flung and remote areas.
Pulkit Ahuja, founder of Proxgy, said sound boxes, which were initially just transaction alert systems, are now being used for merchant acquisition and retention, often crowding countertops with multiple devices from competing providers.
In contrast, Kadi can be worn like a wristwatch and not only does it eliminate the need for sound boxes but also offers a single-touch QR display with vendor-defined payment gateway selection, he said.
Moreover, the watch uses a patent-pending display settlement process running on 4G NB-IoT technology for real-time payment alerts. This enables one-to-one mapping of a merchant to their preferred fintech or bank for higher transaction throughput. It also comes with added features such as health tracking and daily insurance at Rs 1
Fintechs and banks can send targeted ads, updates and custom messages directly to the watches, keeping merchants informed and engaged. This makes the UPI watch a valuable piece of “premium display real estate” for street vendors, said Ahuja.
In addition to Kadi, Proxgy plans to launch a standalone app compatible with any existing Android smartwatch, which can serve as an alternative to the dedicated Kadi device.
The Kadi UPI watch promises to make a monumental impact on India’s economic landscape, he said.
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Published on August 29, 2023
