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A Step Towards Digital India- Google Launches Digital Payment App ‘Tez’ in India

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Google launched Tez app
Google CEO Sundar Pichai. Wikimedia

New Delhi, Sep 20, 2017: A day after Google launched its new digital payment app “Tez” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation.

“We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia,” Pichai tweeted.

Finance Minister Arun Jaitley who launched the app here had said the idea of “Tez” was discussed by Pichai in January, just after demonetisation.

“Google saw a great potential in Indian economy and businesses,” Jaitley said, adding that Google’s new digital payments app over the next few months was likely to make major advances in digital transaction volumes.

Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.

The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).

The app works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India — to facilitate the processing of payments across over 50 UPI-enabled banks.

According to D D Mishra, Research Director, Gartner, Tez provides promising features which are in-line with the requirements.

Also Read: Google, Twitter enable advertisers to reach racists: Reports 

“It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now,” Mishra said in a statement.

Moreover, Google’s information about an individual’s preferences can play a good role in enabling the business to know their preferences and provide offers with interesting options.

“The mobile wallet industry too is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if it continues to remain free and provide better security, convenience and add more Value Added Services,” Mishra informed. (IANS)

 

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Here’s Why Alphabet CEO Sundar Pichai Believes That Artificial Intelligence Needs To Be Regulated

Advanced AI which is beyond chat bots will soon be used to manipulate social media platforms like Facebook, Twitter or Instagram

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Sundar
The Alphabet CEO Sundar Pichai stressed that "international alignment will be critical to making global standards work" on AI. Wikimedia Commons

Joining Microsoft President Brad Smith and Tesla CEO Elon Musk, Alphabet and Google CEO Sundar Pichai on Monday called for new regulations for Artificial Intelligence (AI), saying the only question now is how to approach it.

Although new regulation is needed, “a cautious approach is required that might not see significant controls placed on AI,” Pichai who was last month took over as the CEO of Alphabet, Google’s parent company, in an editorial piece in The Financial Times.

“There is no question in my mind that artificial intelligence needs to be regulated. It is too important not to. The only question is how to approach it”.

“Companies such as ours cannot just build promising new technology and let market forces decide how it will be used. It is equally incumbent on us to make sure that technology is harnessed for good and available to everyone,” Pichai wrote.

According to CNET, the timing of the editorial coincides with a big push from Google to reveal some of the results of its own work in AI and bring tools it has developed out into the world.

The Alphabet CEO stressed that “international alignment will be critical to making global standards work” on AI.

Sundar
Joining Microsoft President Brad Smith and Tesla CEO Elon Musk, Alphabet and Google CEO Sundar Pichai on Monday called for new regulations for Artificial Intelligence (AI), saying the only question now is how to approach it. Wikimedia Commons

We need to take a “principled approach to applying AI, said the company, while offering Google’s “expertise, experience and tools.”

“We need to be clear-eyed about what could go wrong,” he said.

His comments come as lawmakers and governments globally are considering to limit the use of AI in fields such as face recognition system – an issue close to Microsoft President Brad Smith’s heart who has often criticized the technology, urging governments to enact legislation regarding the technology.

“Unless we act, we risk waking up five years from now to find that facial recognition services have spread in ways that exacerbate societal issues,” said Smith.

Advanced AI which is beyond chat bots will soon be used to manipulate social media platforms like Facebook, Twitter or Instagram, Tesla CEO Elon Musk warned recently.

In his famous debate with former Alibaba Chairman Jack Ma, Musk entered into a lassic argument over the capabilities of emerging technologies like AI.

Sundar
Although new regulation is needed, “a cautious approach is required that might not see significant controls placed on AI,” Sundar Pichai who was last month took over as the CEO of Alphabet, Google’s parent company, in an editorial piece in The Financial Times. Pixabay

Musk said that computers will one day surpass humans in “every single way”. He has predicted that a single company that develops “God-like super intelligence” might achieve world domination.

ALSO READ: Suicide Rates Increasing Among Self-Employed Than Unemployed

If not regulated or controlled soon, AI could become an “immortal dictator” and there will be no escape for humans, the SpaceX CEO had warned. (IANS)