Wednesday February 19, 2020
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For 3X Growth, Paytm Becomes Redeemable at Stores

According to the firms, within two years of its launch, Paytm Gold has become the country's largest platform for savings in digital gold

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Paytm
The company is aiming for three times growth with the sale of Paytm Gold during the festive season. Pixabay

Digital payments player Paytm on Wednesday announced its digital gold platform — ‘Paytm Gold’ is now redeemable at jewellery stores across the country as part of Paytm Mall’s ‘O2O’ strategy.

The company is aiming for three times growth with the sale of Paytm Gold during the festive season.

The facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days.

“We are overwhelmed with the growth we have witnessed in the last 2 years. Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit,” Narendra Yadav, Vice President at Paytm, said in a statement.

The company, owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold.

Buyers will receive upto 5 per cent ‘goldback’ as part of inaugural offer on the transactions done using Paytm Gold.

According to the firms, within two years of its launch, Paytm Gold has become the country’s largest platform for savings in digital gold.

It is a unique wealth management offering that enables every Indian to buy, store and sell the world’s highest quality of gold for as low as Re 1 from its partnered sellers.

“Till now, more than 30 million customers have transacted more than 4.2 tons of Paytm Gold. The platform leads the digital gold market with a 70 per cent share. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, ‘Gold Savings Plan’ and ‘Gold Gifting’,” the company added.

Pixabay
Paytm owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold. Pixabay

The tier 2 and tier 3 cities in India have contributed to a staggering 70 per cent of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season.

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“Millennials and housewives are leading the surge in demand for Paytm Gold. As per our customers’ feedback, they prefer saving in Paytm Gold for their long-term wealth creation which can be later used during celebrations and emergencies as well,” added Yadav. (IANS)

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Companies Developing Advanced AI Should be Regulated: Elon Musk

Elon Musk calls to regulate all companies developing AI, including Tesla:

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Elon Musk
Elon Musk has called for regulating all companies which are working in the field of developing advanced Artificial Intelligence. Wikimedia Commons

Elon Musk has called for regulating all companies, including Tesla, the technology giant, which are working in the field of developing advanced Artificial Intelligence (AI).

Responding to an article about independent research lab OpenAI by MIT Technology Review, Musk tweeted: “OpenAI should be more open in my opinion. All orgs developing advanced AI should be regulated, including Tesla.”

According to the report on Tuesday, OpenAI which was co-founded by Musk has shifted from its mission of developing AI safely into becoming a company that is obsessed with image and driven to raise more money.

Musk, who is a staunch critic of AI, stepped down from OpenAI’s board in 2018.

San Francisco-based OpenAI — now in the lap of Microsoft CEO Satya Nadella — is aiming to extend the benefits of Artificial General Intelligence (AGI) to humanity.

For OpenAI, a safe and beneficial AGI means highly autonomous systems that outperform humans at most economically valuable work which is the next step for AI with “widely distributed economic benefits”.

Elon Musk
Elon Musk, who is a staunch critic of AI, stepped down from OpenAI’s board in 2018. Wikimedia Commons

The start-up with 100 people on board is building free software for training, benchmarking and experimenting with AI.

Nadella who sees a greater role of AI for humanity will invest $1 billion in the next few years in OpenAI to support it build “democratised AGI” models.

OpenAI would develop a hardware and software platform within Microsoft Azure Cloud platform which will scale to AGI. The start-up would also jointly develop new Azure AI supercomputing technologies, further extending Microsoft Azure’s capabilities in large-scale AI systems.

OpenAI’s investors include Reid Hoffman’s charitable foundation and Khosla Ventures. The start-up has created “MuseNet” — a deep neural network that can generate four-minute musical compositions with 10 different instruments, and can combine styles from country to Mozart to the Beatles.

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It also created a bot which beat the world as top professionals at 1v1 matches of “Dota 2” competition. The bot learned the game from scratch by self-play, and does not use imitation learning or tree search.

“This is a step towards building AI systems which accomplish well-defined goals in messy, complicated situations involving real humans,” said OpenAI. (IANS)