Over 80% credit disbursed to tier II and beyond: Google Pay executive

Over 80% credit disbursed to tier II and beyond: Google Pay executive


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Google Pay’s credit partnership portfolio now includes five lenders in total: DMI Finance, Indifi Technologies, ICICI Bank, Aditya Birla Finance, and Muthoot Finance


More than 80 per cent of the credit disbursed by Google Pay, in partnership with its lenders, is directed towards customers residing in Tier-II cities and beyond, due to limited access to financial institutions in these regions, a senior company executive said.


At present, the company’s partnerships with lenders cover about 13,500 pin codes, where it is able to disburse both unsecured and secured credit.

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“If we think qualitatively about it, a user in these regions has fewer bank branches and non-banking financial companies (NBFCs) to turn to. For them, digital access becomes more valuable than for those living in Tier-I cities like Delhi or Bengaluru,” said Sharath Bulusu, director of product management at Google Pay, in an interaction with Business Standard.

 

 


At the 10th edition of Google for India, the fintech major announced credit partnerships with two lenders: Aditya Birla Finance Limited for unsecured loans and Muthoot Finance for gold-backed secured credit.


The partnership with Muthoot will enable Google Pay to extend collateral-based credit for the first time on the platform.


“It enables users who do not have a credit history to access loans in a safe and formal manner. For users who do have some credit history, they can secure better terms if they opt for a collateralised loan, as the lender’s risk is lower,” he added.


As part of the partnership with Muthoot, Google Pay will originate loans and facilitate the application flow, while the lender will handle underwriting and collections.


Among fintechs, there is growing interest in extending secured loans to customers after the Reserve Bank of India (RBI) increased risk weights on unsecured credit last year.


“Even independent of this, there is a place for both secured and unsecured loans in the market. For a set of customers with the same criteria and credit requirements, if someone is willing to submit collateral, a lender will provide a lower interest rate, as they have something to fall back on in addition to credit history,” Bulusu added.


Google Pay’s credit partnership portfolio now includes five lenders in total: DMI Finance, Indifi Technologies, ICICI Bank, Aditya Birla Finance, and Muthoot Finance.


The company will also extend a text- and audio-based support agent for credit products, powered by Google’s flagship Gemini AI (artificial intelligence) models.


The company plans to roll out more regional languages to the agent beyond English.


“Google Pay’s AI-powered support guide can now answer users’ questions about repayment cycles, eligibility criteria, EMIs, and more, while providing links to the relevant detailed terms and conditions,” the company said in a blog post on Thursday.

First Published: Oct 03 2024 | 2:34 PM IST



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WhatsApp tests revamped typing indicator on Android beta: What to expect: technology news

WhatsApp tests revamped typing indicator on Android beta: What to expect: technology news


WhatsApp tests revamped typing indicator on Android beta Source: WABetainfo

WhatsApp tests revamped typing indicator on Android beta Source: WABetainfo


WhatsApp is testing a redesigned typing indicator for both individual and group chats, as discovered in the latest WhatsApp beta for Android 2.24.21.18 update, according to WABetainfo. This new feature aims to provide a more seamless experience by showing real-time typing updates directly within the chat interface.


Revamped typing indicator: What is new


The updated typing indicator now appears as a chat bubble within the conversation screen, allowing users to see who is typing without being distracted by looking elsewhere. Currently, the typing indicator was located at the top of the screen, beneath the group name or chat title. The new version embeds this information into the chat interface itself, making it easier to follow conversations while maintaining focus on the ongoing chat.

 


Additionally, this change applies to the voice recording indicator, which will now also appear within the chat window. The group member icon, along with a three-dot typing animation, will provide real-time feedback about who is typing or recording a message, removing the need to glance at the top app bar. In group chats, when multiple people are typing, their profile icons will be displayed, clearly showing who is active, whereas previously only the name of the person typing would appear.


This updated typing indicator is designed to make group conversations more intuitive, particularly when multiple participants are typing or recording messages at the same time.


Availability


The revamped typing indicator feature is currently accessible to select beta testers who have downloaded the latest WhatsApp beta for Android from the Google Play Store. The feature is expected to roll out to a wider audience in the coming weeks.

First Published: Oct 03 2024 | 2:24 PM IST



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Google plans to bring AI to every Indian as it completes 20 yrs in country

Google plans to bring AI to every Indian as it completes 20 yrs in country


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Google will launch a new Google Safety Engineering Centre (GSEC) in India in 2025 | (Photo: Shutterstock)


As search giant Google completes 20 years in India and unveils the 10th edition of Google for India, it has laid out its plan to bring artificial intelligence (AI) to every Google user in the country. This includes expanding its AI capabilities in regional languages, setting up a Google Safety Engineering Centre in India, and empowering 10 million Indians with AI skills.


To begin with, Google announced that it is bringing Gemini, its AI offering, to all its products. This includes AI Overviews in Google Search and Gemini Live, available in nine languages.

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In India, with over 40 per cent of Gemini’s Indian language users already relying on voice interactions, Google recently launched Gemini Live in English for conversations with Gemini on phones. Gemini Live is now being rolled out in Hindi, with eight more Indian languages—Bengali, Gujarati, Kannada, Malayalam, Marathi, Telugu, Tamil, and Urdu—to follow in the coming weeks.


The company is expanding its generative AI experience in Search. AI Overviews, launched earlier this year in English and Hindi, will soon be available in more Indian languages, including Bengali, Marathi, Telugu, and Tamil. AI Overviews help users quickly find relevant information on Search, with links to referenced web pages for deeper exploration.


Importantly, Google will launch a new Google Safety Engineering Centre (GSEC) in India in 2025, aimed at developing security and online safety products and solutions that cater to the needs of Indian users.


Google also unveiled the “AI Opportunity Agenda for India” whitepaper, a roadmap to support the government’s India AI Mission by focusing on three key priorities—investing in innovation infrastructure, building an AI-ready workforce, and promoting inclusive adoption and accessibility.


As part of this initiative, the company announced that, starting next year, Ayushman Bharat Health Account (ABHA) ID cards will be made accessible to more than 600 million ABHA ID holders via Google Wallet in partnership with Eka Care. ABHA ID cards enable people to store, share, and receive digital health information seamlessly with healthcare groups across the country, helping them better utilise India’s public health infrastructure for their well-being.


Google Cloud also announced plans to combine the power of Beckn-enabled open networks and Gemini through an open-source Gemini Agent Framework, available to every Indian business and user.


This framework will allow users to search and discover listings—from electronics to seeds, and from jobs to educational courses—and make seamless transactions across key sectors like agriculture and skilling. People will be able to access this extensive and useful information through a single interface.


Google also introduced new tools for merchants to creatively showcase their products and create a more immersive experience for customers.

First Published: Oct 03 2024 | 1:55 PM IST



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Google for India: Gemini Live available in Hindi, more languages to follow

Google for India: Gemini Live available in Hindi, more languages to follow


Gemini Live in Hindi (Image: Google)

Gemini Live in Hindi (Image: Google)

At the Google for India event, Google announced several India-focused artificial intelligence features, including the expansion of local language support for its Gemini Live feature. As part of this rollout, Gemini Live is now available in Hindi, with support for eight additional Indian languages to follow. Alongside these updates, Google introduced new AI-generated summaries in Google Maps and an AI Overview feature in Google Search that includes video capabilities.


Google for India: Key announcements

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During the event, Google announced that the Gemini Live – part of its AI chatbot Gemini, which supports natural language processing and contextual understanding, is now available in Hindi. Support for eight more Indian languages—Tamil, Telugu, Bengali, Marathi, Kannada, Malayalam, Gujarati, and Urdu—will be added soon.

 


Additionally, AI Overviews in Search, which provide AI-generated summaries and reference links, will be extended to Telugu, Tamil, Bengali, and Marathi. These AI Overviews are already available in Hindi.


Other key features introduced include AI-generated summaries of reviews in Google Maps and a new AI Overview with video feature for Search. This experimental feature, available in Search Labs, allows users to record a video using Google Lens within the Google app and receive AI-generated overviews in response to the video’s context. For instance, a user can record a cooking video and ask for assistance, and Search will use AI to generate an overview based on the video content.


Recent developments


Initially launched for Gemini Advance subscribers, Gemini Live has now been rolled out to all Android users, offering the ability to interact in more natural, conversational ways. Google also introduced 10 new voices for Gemini Live, improving accessibility and interaction.


Moreover, after testing AI Overviews in Google Search as part of the Search Generative Experience (SGE), Google made the feature available to all users earlier this year. AI Overviews in Search now summarise key information alongside relevant reference links, replacing the traditional method of listing multiple website links upfront.

First Published: Oct 03 2024 | 1:45 PM IST



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Data centre emissions witness growth: Is AI or climate change to blame?

Data centre emissions witness growth: Is AI or climate change to blame?


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Data centres are thirsty as well as power-hungry. Photo: Bloomberg

Artificial intelligence (AI) is curating your social media feed and giving you directions to the train station. It’s also throwing the fossil fuel industry a lifeline.


Three of the biggest tech companies, Microsoft, Google and Meta, have reported ballooning greenhouse gas emissions since 2020. Data centres packed with servers running AI programs day and night are largely to blame.


AI models consume a lot of electricity, and the World Economic Forum estimated in April that the computer power dedicated to AI is doubling every 100 days. Powering this boom in the US, where many AI tech pioneers are based, have been revitalised gas power plants once slated for closure.

First, what actually is AI?

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AI sucks (power and water)


“At its core, the kind of AI we are seeing in consumer products today identifies patterns,” say Sandra Peter and Kai Riemer, computing experts at the University of Sydney.


“Unlike traditional coding, where developers explicitly program how a system works, AI ‘learns’ these patterns from vast datasets, enabling it to perform tasks.”


While AI programs are being “trained” and fed huge sums of data over several weeks and months, data processors run 24/7. Once up to speed, an AI can use 33 times more energy to complete a function than traditional software.

In fact, a single query to an AI-powered chatbot can consume ten times as much energy as a traditional Google search according to Gordon Noble and Fiona Berry, sustainability researchers at the University of Technology Sydney.


“This enormous demand for energy translates into surges in carbon emissions and water use, and may place further stress on electricity grids already strained by climate change,” they say.


Data centres are thirsty as well as power-hungry: millions of litres of water have to be pumped to keep them cool.


These enormous server warehouses are vying with people for an increasing share of power and water, a situation which could prove deadly during a heatwave or drought.


A dubious solution


Experts only have a partial picture of AI’s resource diet, Noble and Berry argue. One survey showed that just 5% of sustainability professionals in Australia believed data centre operators provided detailed information about their environmental impact.


Its fierce appetite aside, AI is feted as a Swiss army knife of fixes for our ailing planet.


AI’s ability to process mountains of data means it could spot the warning signs of a building storm or flood and track how the environment is changing say Ehsan Noroozinejad and Seyedali Mirjalili, AI experts at Western Sydney University and Torrens University Australia respectively.


“For example, it can reportedly measure changes in icebergs 10,000 times faster than a human can,” they add.


Kirk Chang and Alina Vaduva, management experts at the University of East London, highlight hopes that AI might make simulations of Earth’s climate more accurate.


AI could closely monitor an entire electricity grid and coordinate generators so that they waste less energy while meeting demand. AI models could identify materials for sorting in a recycling facility and analyse air pollution to pinpoint its sources. On farms, AI systems could track weather and soil conditions to ensure crops receive only as much water as they need.


However, AI’s claims to efficiency are sadly undermined by a well-worn problem. When humanity makes an activity more efficient through innovation, the energy or resource savings are generally ploughed into expanding that activity or others.


“The convenience of an autonomous vehicle may increase people’s travel and in a worst-case scenario, double the amount of energy used for transport,” says Felippa Amanta, a PhD candidate in digital technologies and climate change.

 

The Conversation logo


And while there is value in imagining what AI might help us do, it is important to recognise what it is already doing. An investigation by Scientific American found AI was deployed in oil extraction in 2019 to substantially increase production. Elsewhere, targeted advertising that uses AI creates demand for material goods. More mass-produced stuff, more emissions.


Does our answer to climate change need to be high-tech?


During a climate disaster like Hurricane Helene, which claimed more than 150 lives in the south-eastern US over the weekend, a reliable power supply is often the first thing to go. AI can be of little help in these circumstances.


Low-tech solutions to life’s problems are generally more resilient and low carbon. Indeed, most of them – like fruit walls, that used renewable energy to grow Mediterranean produce in England as early as the Middle Ages – have been around for a very long time.


“‘Low-tech’ does not mean a return to medieval ways of living. But it does demand more discernment in our choice of technologies – and consideration of their disadvantages,” says Chris McMahon, an engineering expert at the University of Bristol.


“What’s more, low-tech solutions often focus on conviviality. This involves encouraging social connections, for example through communal music or dance, rather than fostering the hyper-individualism encouraged by resource-hungry digital devices.”The Conversation


First Published: Oct 03 2024 | 12:39 PM IST



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OpenAI secures .6 bn funding, emerges as one of world's most valued firms: Technology news

OpenAI secures $6.6 bn funding, emerges as one of world's most valued firms: Technology news



OpenAI, the company behind ChatGPT, has raised $6.6 billion in a new funding round, boosting its post-money valuation to $157 billion. The milestone positions OpenAI as one of the most highly-valued private companies globally.

 


OpenAI’s rapid growth, in product popularity and valuation, has drawn worldwide attention. Since the launch of ChatGPT, the platform has garnered 250 million active users weekly.

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The company’s valuation has surged from $14 billion in 2021 to $157 billion, while its revenue soared to $3.6 billion, exceeding initial expectations. According to Bloomberg, investors in the new funding round have the option to recover their investment if OpenAI doesn’t complete its transition to a for-profit model within the next two years.

 


Key investors in this round


Led by Thrive Capital’s Josh Kushner, the funding round saw participation from Khosla Ventures, Altimeter Capital, and Fidelity Management & Research. Microsoft, having already committed $13 billion to OpenAI, and Nvidia, whose processors play a key role in AI development, were among the standout investors. Additional participation came from global investors such as SoftBank and Abu Dhabi’s new tech investment firm, MGX.


Apple’s absence from the round


Apple Inc, despite earlier talks, did not participate in this round. The tech giant has an ongoing partnership with OpenAI to incorporate ChatGPT into its products and Siri, but discussions about Apple gaining a board observer seat fell through.


Funding amid leadership changes


This investment comes amid substantial internal transformations at OpenAI. Several key executives, including Chief Technology Officer Mira Murati, Chief Research Officer Bob McGrew, and Vice-President of Research Barret Zoph, have left the organisation. Of the original 13 founders, only three remain.


The funding was secured through convertible notes associated with OpenAI’s transition to a for-profit model, which will transfer oversight from the non-profit board and remove restrictions on investor returns.


Despite the leadership departures, investor confidence remains high. CEO Sam Altman and CFO Sarah Friar have projected strong revenue growth, with OpenAI expected to generate $3.6 billion in revenue this year despite substantial losses and a projected leap to $11.6 billion next year.


Investors have also secured safeguards in the event OpenAI’s restructuring plans are not completed, which include equity allocations to Altman. If changes are not finalised within two years, investors have the right to recover their capital or renegotiate the valuation terms.


[With agency inputs]

First Published: Oct 03 2024 | 12:29 PM IST



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