CWD was locked in 20% upper circuit at Rs 953.80 after the company announced the signing of a Master Supply Agreement (MSA) with PhonePe to design, develop, and manufacture the innovative Sound Box device.
The two-year deal is valued at Rs 100 crore, underscoring the significance of this collaboration in shaping the future of digital payments in India.
The Sound Box, a game-changing payment solution, has revolutionized the way merchants receive and confirm UPI transactions. By integrating seamlessly with PhonePe's platform, the device provides a multilingual audible confirmation of payments, enabling merchants to focus on serving customers without the need to constantly monitor their mobile devices.
Under the terms of the agreement, CWD Limited will be responsible for the end-to-end design, development and manufacturing of the Sound Box, ensuring high-quality standards and timely delivery to PhonePe; meeting the growing demand for this innovative solution.
The Sound Box has had a significant impact on the fintech ecosystem, driving financial inclusion and supporting the government's vision of a less-cash economy. With over 14 million Sound Boxes already in use across India, this collaboration between CWD Limited and PhonePe is poised to further expand the reach and adoption of this innovative payment solution.
Siddhartha Xavier, joint managing director of CWD, said: "The partnership with PhonePe underscores CWDs unwavering commitment to harnessing our exceptional engineering and R&D expertise to spearhead innovation in electronic devices.
Our dedicated teams have demonstrated extraordinary effort in designing and developing the Sound Box, ensuring it surpasses the highest standards of quality and performance. We are proud to contribute to a more connected and efficient payment ecosystem in India."
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CWD is a leading IoT design house specializing in the design, development and manufacturing of cutting-edge devices. With a focus on innovation and quality, CWD has established itself as a trusted partner for companies across various industries, including fintech, healthcare, consumer electronics and agriculture solutions.
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