Proxgy’s Kadi Smartwatch: Revolutionizing UPI Payments for Street Vendors
In a bid to bridge the digital divide and empower street vendors, Proxgy, an Indian startup, has introduced a game-changing innovation – the Kadi UPI Smartwatch. This innovative wearable device is set to transform the way street vendors conduct business by offering hassle-free UPI payments, among other benefits. Priced at a mere Rs 1,000, the Kadi Smartwatch promises convenience, security, and financial inclusion for those operating beyond the conventional retail setup.
Empowering Street Vendors
The genesis of Kadi Smartwatch lies in the founder of Proxgy, Pulkit Ahuja’s encounter with a street hawker who faced significant challenges accepting digital payments. The vendor lacked a charging facility for his soundbox and a secure place to display his QR code. This encounter spurred the creation of Kadi, a smartwatch designed to address these issues and more.
Cost-Effective and Efficient
Priced at just Rs 1,000, Kadi is an affordable solution for street vendors. It eliminates the need for additional soundboxes, streamlining the payment process. Importantly, Kadi doesn’t require USB charging, offering up to five days of continuous use. This feature is particularly advantageous for vendors who often lack access to power sources.
Financial Inclusion
While India is on the path to bringing over 100 million merchants onto the UPI platform, it’s essential to remember that many of these potential beneficiaries are street vendors and hawkers who operate without the luxuries of shop counters or smartphones. Kadi bridges this gap by providing a compact, user-friendly alternative that empowers these individuals to participate in the digital economy with unprecedented ease.
Health Reporting and Insurance
Beyond facilitating digital payments, Kadi goes a step further by offering health reporting and insurance starting at just Re 1 per day. This added feature contributes to the overall well-being of street vendors, giving them access to crucial health services.
Real-time Payment Alerts
Kadi ensures real-time payment alerts, a vital aspect of trust and transparency in financial transactions. Unlike traditional IMPS, NEFT, and RTGS services, where sender and receiver receive SMS notifications confirming transactions, UPI framework transactions often lack this communication. Kadi fills this gap by providing instant transaction alerts, enhancing the vendor’s confidence in digital payments.
Target Audience
Initially, Proxgy plans to offer Kadi exclusively to its existing B2B clients, including fintech companies, PSU banks, and private banks. This strategic move ensures a distinct advantage for current clients in merchant and street vendor onboarding. Following this phase, Proxgy intends to introduce Kadi through more extensive B2B channel partners.
Future Prospects
Proxgy’s Kadi Smartwatch is poised to make its first bulk delivery on Diwali, aligning with the festive spirit of giving and growth. As it gains traction among financial institutions and street vendors alike, Kadi has the potential to revolutionize how street vendors conduct business and contribute significantly to India’s digital payment ecosystem.
The launch of Kadi by Proxgy is a significant step towards achieving last-mile financial inclusion for street vendors and merchants in India. By simplifying the payment process and offering an affordable, user-friendly solution, Kadi has the potential to drive the adoption of digital payments among the unbanked and underprivileged, thus playing a crucial role in India’s journey towards a cashless economy. Proxgy’s innovation not only addresses the challenges faced by street vendors but also opens up new possibilities for economic empowerment and financial security in this segment of the population.
