In India, a Financial Technology Revolution in the Offing

The Economic Times shares a report released by the Boston Consulting Group and Google, according to which by 2020 digital payments in India will touch $500 billion.

In the next five years, the payments landscape will change in India:

  • The Unified Payments Interface which allows customers to link all their bank accounts in a single mobile application will be in use for simple peer-to-peer payments
  • Biometrics, cloud computing and Internet of Things will drive payments
  • Non-cash payments will overtake cash payments by 2023

Some factors that will help the growth of digital payments in India:

  • One factor authentication when paying through wallets
  • 3G and 4G penetration in India, and the National Optic Fiber Initiative to provide every village with broadband in the country
  • The current 1 billion mobile subscriptions and the 240 million smartphone users will increase

The report also warned that hindrancessuch as unsteady internet connectivity in rural and semi-urban areas, lack of digital literacy among the rural poor and the older generation, and a lack of incentives for non-cash transactions have the potential to hold up the system.

a man using a mobile phone

 

September 3, 2016   No Comments

Google to Train 2 Million Developers in India

With its vision to help make India a global hub of high-quality mobile developers, Google is working on an Android Skilling program in India that aims to train two million mobile developers. The Washington Post reports that the course curriculum will be available free across hundreds of public and private universities and training partners through a specially designed, in-person program this year; it will also be available through the government’s National Skills Development Corporation, the company said in a statement.

Google Android in India

India is expected to have the largest developer population with 4 million people by 2018, overtaking the United States, but only a quarter are building for mobile, said Caesar Sengupta, vice president of product management at Google.

August 2, 2016   No Comments

Google Launches Wi-Fi at Mumbai Central Train Station

In hopes of boosting its role in the Indian market, Google is offering free high-speed internet access for railway stations in India, starting with Mumbai Central station, the first of 400 stations the company plans to eventually reach with the service says Canadian Business.

For the project, Google’s Access & Energy Team has teamed up with Indian Railways as well as state-owned communications infrastructure provider RailTel, which has built a network of 26, 000 miles of fiber-optic lines along most major rail tracks across the country that Google will be using to support Wireless Access Points at train stations, reports Tech Crunch. RailTel plans on growing that network to cover 33,000 miles of track. Optic Fiber Cable Network

With more than 23 million people riding Indian railways every day, Google said free Internet in train stations will give high-speed access that many can’t afford. It also hopes to diversify India’s user base, given that less than a third of Internet users in India are women, and has been upgrading its services in Hindi and other languages spoken across India.

“Most of India is still not online,” Google CEO Sundar Pichai told reporters in New Delhi. “We want to bring access to as many people as possible,” he said.

February 16, 2016   No Comments

Remote Cardiac Monitoring Device Wins Google’s Contest in India

 Cardiac Design Labs, a startup that has come up with an innovation to help cardiac patients in rural India access critical care through a wearable device, won a contest hosted by Google at the Startup India event, reports The Hindu. The company won $50,000 in equity and $100,000 Google cloud credits.

The Bangalore-based firm has built MIRCaM, a comprehensive suite that comprises of wearable sensors, a doctor’s terminal, a patient’s bedside tablet and a mobile app.

Remote Cardiac Monitor System

Remote Cardiac Monitor System

The concept combines communications and heart monitoring technology by which patients can be monitored from home, and a cardiologist is able to remotely interact and diagnose patients using his or her cell phone. The system provides real time analysis and generates instant alarms on episode detection or an abnormally rapid heart rate in users.

The company has partnered with four hospitals so far and will expand its reach to several others. “So far we have diagnosed over 300 patients at various locations,” Anand Madanagopal founder of Cardiac Design Labs told Economic Times.

January 30, 2016   No Comments

India’s Increasing Appeal to American Tech Companies

Google, Facebook, Twitter, YouTube, WhatsApp, Amazon…are all familiar names to millions in India who use the Internet mostly on their smartphones.  This number is expected to reach 168 million this year with 277 million Internet users in all, predicts research firm eMarketer.

The New York Times reports that India already conducts more mobile searches on Google than any country besides the United States. Yet “we are barely scratching the surface of availability of Internet to the masses,” said Amit Singhal, Google’s senior vice president in charge of search. WhatsApp is easily the most popular way for Indians  to connect with friends and family, and Facebook has 132 million users, second to the U.S.

To get 500 million people online by 2017, Google compresses its pages on web servers; allows YouTube content to be downloaded and saved when Wi-Fi is available, and watched when offline; is working on providing content in other languages apart from English for its vernacular users.

Twitter India, with 20 million users, treats India as a laboratory to test new ideas. “This is a market where we can do tests,” said Amiya Pathak, a founder of startup ZipDial that was acquired earlier this year by Twitter, and a director of product management at Twitter. “Prove it out in India first, and as you prove it out, take it to other markets,” he added.

September 27, 2015   No Comments