<ul><li>The adoption of QR codes is expanding over conventional Point of Sale devices in India.</li><li>QR code deployment increased by 34% to over 350 million in FY24, according to PWC.</li><li>QR-based soundboxes pair seamlessly with real-time payment confirmations making them an essential resource for merchants.</li><li>Instant payment confirmation is essential for sellers and ensures security, minimizing potential for non-payments and fraud at checkout.</li><li>India’s merchant acquiring market reached $611.21 million in 2024 and projected to grow at CAGR of 12% until 2031.</li><li>Offline Payments as a Service handle the entire merchant and transaction lifecycle, reducing merchant acquisition costs.</li><li>PaaS also provides value-added services such as recon/dispute and complaints management.</li><li>A dedicated UPI Switch for merchant transactions can reduce load and manage growing transaction volumes.</li><li>P2M payments comprising 60% of UPI transactions offer a substantial opportunity for expansion.</li><li>The combination of QR codes and soundboxes technology have emerged as a standout innovation in India's digital payments industry.</li></ul>

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

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