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India is a market with great potential for digital service providers, with 50 million internet users, of which 45 million access the internet via smartphones. This also translated into rapid adoption of digital payments as the country registered digital transactions worth Rs 38 lakh crore in the third quarter of 2022. As Google Pay crossed the 150 million active user mark this year, Alphabet CEO Sundar Pichai hailed the implementation of India’s UPI, Aadhar and India Stack as a shining example.
Indian Digital Architecture
While UPI is the interface that helps online transactions take place, Aadhar acted as a mechanism for quick data verification. India Stack is a set of digital products integrated into a single software platform for digitizing financial services. Pichai said Google Pay was built in India over the UPI stack infrastructure and the company is now taking the service to other countries.
Penalties can affect privacy and security
Regarding the fines imposed on Google and the actions it has faced for unfair trade practices, Pichai said the ruling could affect the privacy and security of users’ data. The Madurai-born IITian, who now heads one of the world’s largest technology firms, also met the Prime Minister, the President and the IT Minister, during his visit to the country. He also emphasized the need for regulations that preserve the basic elements.
Collaboration with Jio and Airtel
Talking about other digital collaborations and investments in Inida, Pichai mentioned that Google is working with Reliance Jio and Airtel. Speaking about the development of JioPhone, he added that similar projects are in the works with other partners. In the post-pandemic era, when working from home is disappearing, Pichai said trends such as online doctor consultations and online transactions will be the ones to stay.
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