PhonePe announced today that it has deployed a record-breaking 20 lakh SmartSpeakers in just six months since its launch. The SmartSpeakers assist in the validation of customer payments without the need for human intervention.
PhonePe recently received $350 million in funding from General Atlantic, as well as $100 million in primary capital from Ribbit Capital, Tiger Global, and TVS Capital Funds, for a total valuation of $12 billion.
According to the company, the speed of audio confirmations has contributed to exceptional trust and reliability among the over 3.5 million merchants on the company’s platform.
PhonePe SmartSpeakers
PhonePe SmartSpeakers, according to the company, are used to validate more than 75 crore transactions per month on average. It also stated that merchant partners in approximately 16,000 pin codes across the country are now using the SmartSpeaker, a 75% increase, with Tier III locations seeing the deployment of over 5 lakh devices.
The PhonePe SmartSpeakers offer payment notifications in 11 Indian languages, a dedicated replay button for the most recent transaction, dedicated data connectivity, a best-in-class battery life of up to 4 days with a dedicated battery level LED indicator and low battery alerts, great audio clarity even in the noisiest of environments, and a compact and versatile form factor.
According to the company, this allows merchants to use it even in the most crowded counter spaces. PhonePe claims that by providing such convenience to merchants, it is seeing a successful market adoption of PhonePe’s SmartSpeakers, enabling an increase in digital payments.
Vivek Lohcheb, Head of Offline Business at PhonePe, commented on this achievement:
The deployment of over 20 lakh SmartSpeakers across the country in record time is a testimony to PhonePe’s superior execution capabilities. PhonePe has always crafted innovative products and customized offerings to address unique merchant requirements. We are delighted to see our SmartSpeakers being widely accepted across all regions and cities of the country. This strong merchant preference for our SmartSpeakers is due to our device performance, and the trust associated with PhonePe as a brand. As we continue to build for our merchants, we will enhance the hardware and software capabilities of the device to actively benchmark our product in the market.
