Google India Exec Says AI Might Add $500 Billion to Financial system, Google Pay Claims 43% Market Share

Synthetic intelligence (AI) alone might probably add $500 billion or half a trillion {dollars} to India’s economic system, based on Google India Nation Supervisor and VP, Sajay Gupta.

Gupta, who has beforehand labored as MD of Star India and The Walt Disney Firm India, famous (whereas on the ‘ABP Infocom – The Subsequent Regular’ occasion):

“The COVID-19 pandemic has prompted us to make use of each device at our disposal to deal with the challenges and alternatives earlier than us.”

In accordance to Gupta, AI can assist in bettering numerous processes such because the forecasting of floods and offering extra correct analysis of ailments. Google India has reportedly supplied $10 billion for increasing the nation’s digital footprint.

Like in lots of different international locations, the search engine big dominates or is a serious participant in a number of key market segments in India. As confirmed by native media retailers, Google Pay at present holds round 43% of the nation’s market share, adopted by digital funds big PhonePe.

Notably, India has been overtaken by the US which is at present Google Pay’s largest generator of latest customers, based on Apptopia knowledge.

Nevertheless, Google Pay adoption has been rising steadily in India with virtually 200,000 new customers in simply the previous week. The app was launched round 7 years again in India as a primary funds service. Since then, the tech agency has up to date its app with many new options. Indian customers have downloaded the digital funds app thousands and thousands of occasions.

Google Pay now comes with a number of helpful options equivalent to “faucet to pay” and private finance instruments. It was ranked because the #1 finance app in Apple’s App Retailer and in Google Play within the US.

In the meantime, in India, Google Pay was ranked no 1 by way of whole variety of transactions carried out in November 2020. The app dealt with 96 million transactions, based on the Nationwide Funds Company of India (NPCI).

As lined in November 2020, Google, a part of Alphabet (NASDAQ:GOOG) is pushing deeper into Fintech with a redesigned Google Pay App in a pure step for one of many largest tech corporations on the earth.

Caesar Sengupta, Basic Supervisor & VP, Funds and Subsequent Billion Customers for Google, mentioned final month that Google is “taking an essential step ahead in our quest to make cash easy, safe and useful.”

He added:

“Beginning within the U.S., we’re launching a redesigned Google Pay app on Android and iOS. The brand new app is designed round your relationships with individuals and companies. It helps you get monetary savings and provides you insights into your spending. It’s constructed with a number of layers of safety to maintain your cash and knowledge personal and protected. And in 2021, it offers you the prospect to use for a brand new form of digital checking account with trusted monetary establishments.”