Given a collection of topological spaces $X_i$ indexed by the elements $i$ of a set $I$, we consider the set product $P = \prod_{i \in I} X_i$ with projections $p_i : P \to X_i$. There are two methods of topologizing $P$.
Take the product topology having as a subbase all sets of the form $p_i^{-1}(U_i)$ with $i \in I$ and $U_i \subset X_i$ open. Therefore a base for the product topology consists of all products of form $\prod_{i \in I} U_i$ with $U_i \subset X_i$ open and $U_i \ne X_i$ only for finitely many $i$.
Take the box topology having as a base all products of form $\prod_{i \in I} U_i$ with $U_i \subset X_i$ open.
By definition the product topology is the coarsest topology on $P$ such that all $p_i^{-1}(U_i)$, with open $U_i \subset X_i$, $i \in I$, are open. This is equivalent to defining the product topology as the coarsest topology on $P$ such that all projections $p_i$ become continuous.
It is standard to endow $P$ with the product topology. This makes $(P,(p_i)_{i \in I})$ the product of the objects $X_i$ in the category of topological spaces which is characterized by the following universal property:
A function $f : Y \to P$ defined on a topological space $Y$ is continuous if and only if all $p_i \circ f : Y \to X_i$ are continuous.
This seems to be the optimum what can be expected from a topology on $P$.
On infinite products the box topology is in general strictly finer than the product topology, thus it does in general not have this universal property. As far as I know, the box topology does not have any really nice universal property; see Does the box topology have a universal property?
On the other hand, the box topology is the coarsest topology such that all products of the form $\prod_{i \in I} U_i$ with open $U_i \subset X_i$, $i \in I$, are open. On the level of sets this seems to be a very natural requirement, even more natural than requiring that all special products of the form $\prod_{i \in I} U_i$ with open $U_i \subset X_i$ open and $U_i \ne X_i$ only for finitely many $i$, are open.
Question: Are there other characterizations of product or box topology than those described above? If so, do they occur somewhere in the literature?